SEOUL: South Korea’s automobile exports fell 2.8 percent in 2015 from a year earlier on weaker demand from emerging markets, the government said.
Outbound shipments of vehicles came to 2.98 million units for 2015, down from 3.06 million units tallied a year earlier, according to the Ministry of Trade, Industry and Energy.
The total value of overseas shipments also slid 6.4 percent on-year to $45.8 billion last year, marking the first on-year drop in three years after peaking at $48.9 billion in 2014.
“Despite brisk sales in the United States and the European Union, demand in Russia, Latin America and other emerging economies caused overall numbers to fall,” the ministry said in a release.
Auto exports to the U.S. soared 19.2 percent on-year in 2015, with products headed to the EU jumping 10.4 percent.
However, shipments to the east European region, including Russia, plunged 58.9 percent, while Latin American countries posted a 13.8 percent drop, according to the ministry.
Total output by the five main local carmakers, including Hyundai Motor Co., climbed 0.7 percent on-year in 2015 to 4.56 million units on the back of stellar domestic sales.
A total of 1.83 million units were sold in South Korea last year, up 10.4 percent from 1.66 million units tallied a year earlier on a cut in excise taxes and the release of new models, the ministry said.
