S.Korea's German car imports surge in Q2 amid falling local car exports

South Korea's imports of German luxury vehicles surged in the second quarter amid falling domestic car exports, customs data showed on Thursday.

Imports of foreign luxury cars jumped 21.5 percent from a year earlier to 2.96 billion U.S. dollars in the April-June period, according to Korea Customs Service (KCS). The number of imported cars increased 16 percent to 93,000 units.

Among the total, German diesel car imports accounted for about 60 percent, with most of demand being focused on vehicles having an engine capacity of more than 1.5 liters.

The import expansion came as a temporary cut here in consumption tax for cars boosted demand for luxury cars, while major foreign luxury carmakers launched new models.

Auto exports reduced 13.1 percent over the year to 9.64 billion dollars in the second quarter. The number of exported cars declined 13.6 percent to 686,000 units.

Car exports to the United States fell 12.3 percent, with those to Saudi Arabia, Canada and Russia posting a double-digit slide. Those to Australia and Britain increased 24.9 percent and 4.2 percent each.

The customs agency said economic slowdown in emerging economies weakened demand for locally-made vehicles amid fiercer competition in the global auto market.

Auto export prices averaged 14,056 U.S. dollars in the second quarter, up 0.7 percent from a year earlier. Car import prices advanced 4.7 percent to 31,725 dollars. Endit