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S.Korea's auto exports post double-digit fall in Q1

Xinhua, April 22, 2016 Adjust font size:

South Korea's auto exports posted a double-digit fall in the first quarter due to soft demand from oil-exporting countries, customs data showed Friday.

Car exports amounted to 8.92 billion U.S. dollars during the January-March period, down 12.4 percent from the same period last year, according to the Korea Customs Service.

The number of cars exported overseas reached 653,000 units in the quarter, down 9.6 percent from a year earlier.

Car exports to the United States rose 3.0 percent on a yearly basis, while those to Australia and Germany jumped more than 20 percent.

However, auto shipments to Saudi Arabia plunged 53.8 percent as cheaper crude oil rattled the oil-exporting economy. Those to Britain, Canada and Russia declined 5.6 percent, 2.2 percent and 2.0 percent each amid low oil prices.

The customs office said economic conditions worsened in oil-exporting countries due to low oil prices.

Car imports declined 9.0 percent from a year earlier to 2.09 billion dollars in the first quarter. The number of vehicles imported from overseas shed 1.7 percent to record 70,000 units during the quarter.

Car export prices averaged 13,667 dollars in the first quarter, down 3.1 percent from a year ago. Car import prices tumbled 7.4 percent to 29,839 dollars. Enditem