SEOUL: Exports of South Korea-made cars sank 13.1 percent in the second quarter from a year earlier due mainly to contracted demand from emerging countries and intensified market competition, customs data showed Thursday. The total value of car exports reached $9.6 billion over the April-June period, down 13.1 from $11.1 billion tallied a year earlier, according to the data by the Korea Customs Service.
Meanwhile, that of imports jumped 21.5 percent on-year to $3 billion from $2.4 billion over the cited period. From three months earlier, however, outbound shipments of automobiles gained 8 percent from $8.9 billion, with imports jumping 41.6 percent from $2.1 billion.
The customs agency attributed the sharp decline in auto exports to a slowdown in resource-exporting countries hit hard by a low oil price trend, while South Koreans’ demand for imported cars was boosted by the government’s excise tax cut program. The number of exported cars tumbled 13.6 percent to 686,000 units during the three-month, while 93,000 units were imported, up 16 percent from a year ago. Exports to the United States fell 12.3 percent on-year to $4.1 billion, with shipments to Saudi Arabia slumping 22.5 percent and those to Russia diving 27.5 percent.
