- Korean auto industry experiences decline in exports, production, and domestic sales in February 2019-03-14
The Ministry of Trade, Industry and Energy announced on March 14 that the Korean automobile industry in February experienced a decline in exports, production, and domestic sales.
The number of Korean automobiles exported last month reached 160,442 vehicles, down 1.6 percent compared to the same period last year. This is mostly attributable to fewer working days. Exports in terms of value, on the other hand, improved 2.7 percent to USD 2.9 billion. Outbound shipments of green cars jumped 20.3 percent to 14,028 units on the back of strong sales of electric vehicles and hybrid electric vehicles.
The country’s automobile output slowed down 7.1 percent to 257,276 units. The decline in the number of cars produced by seven Korean automakers (Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, Renault Samsung Motors, Zyle Daewoo Bus, and Tata Daewoo) was largely due to fewer working days and partial strikes at some of the manufacturers.
Domestic sales of automobiles also fell 4.2 percent to 120,617 units. The sales of Korean-made vehicles edged down 1.3 percent to 103,922 units, and those of imported vehicles dropped 19.1 percent to 16,695 units. Meanwhile, local sales of eco-friendly cars grew 2.3 percent to 7,569 units thanks to greater demand for hybrid vehicles.
For auto parts, exports contracted 2.8 percent to $1.6 billion. While shipments to North America and East Europe increased, those to Asia and the EU decreased.