The Ministry of Trade, Industry and Energy announced on November 9 that automobile production, domestic sales and exports decreased at double-digit rates in October due to fewer working days in the month.
October this year had four fewer working days compared to a year ago because Korea celebrated the Chuseok holiday. The national holiday was in September last year.
Five domestic carmakers – Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, and Renault Samsung Motors – produced a total of 280,680 vehicles – down 19.2 percent from a year ago.
Domestic sales including imported vehicles contracted 12.1 percent to 130,209 units. Sales of cars manufactured in Korea decreased 9.7 percent to 112,426, while those of imported cars shrank 24.7 percent to 17,783.
The number of exported automobiles declined 18.3 percent to 177,165, while the value of exports weakened 12.8 percent to $2.9 billion. Exports to the European Union (EU) and the Oceania region in terms of value grew at double-digit rates, but shipments to most major markets decreased.
Between January and October, the Korean automotive industry produced a total of 3,445,568 vehicles – up 2 percent from the same period of 2016. Domestic sales inched up 0.2 percent to 1,476,423 cars, and exports climbed 2.6 percent to 2,119,793.
Meanwhile, sales of vehicles produced in Korean automotive makers’ overseas plants contracted 5.5 percent to 400,667 units, the highest monthly record in 2017.
Exports of automobile parts fell 28.4 percent to $1.6 billion due to fewer working days in the month. Shipments to most markets decreased, while those to the Middle East jumped on strong sales of knockdown kits.
* Short version