S.Korea's auto exports post double-digit fall in July
Xinhua, August 9, 2016 Adjust font size:
South Korea's auto exports posted a double-digit decline last month as workers went on a strike amid global economic slump, a government report showed on Tuesday.
Car shipments tumbled 14.9 percent from a year earlier to 219,982 units in July, according to the Ministry of Trade, Industry and Energy. In terms of value, auto exports slumped 14.6 percent to 3.39 billion U.S. dollars.
Exports to the European Union (EU) kept an upward trend, but shipments to most of other regions declined amid the global economic slump, the ministry said. Partial strikes in some carmakers also contributed to auto exports fall.
Car sales in the domestic market declined 12.1 percent over the year to 137,992 units in July on the back of the end of a temporary cut in consumption tax for cars.
Imported car sales plunged 25.0 percent to 17,338 units as emissions fabrication scandal of German carmaker Volkswagen reduced demand for foreign luxury cars.
Auto production in the country reduced 10.8 percent to 361,158 units in July due to partial strikes of some carmakers.
Auto parts exports also dipped 10.6 percent to 2.09 billion dollars owing to softer demand from emerging economies. Enditem