South Korea’s automobile exports fall 5.5% in September from a year earlier, reaching $6.05 billion, according to government data released Oct. 19. The Ministry of Trade, Industry and Resources links the decline to escalating tensions in the Middle East and a drop in used-car shipments.
Outlets report that exports to some regions rise while others contract. Shipments to North America and the European Union increase 9.2% and 15.3% to $3.07 billion and $1.11 billion, respectively. By contrast, exports to Asia plunge 60% and shipments to the Middle East fall 7.1% to $330 million and $350 million. Eco-friendly vehicle exports, including battery electric and gasoline hybrid models, grow 5.9% to $2.89 billion.
Yonhap and Korea Times both describe the domestic side as softer as well, citing a 14.3% year-on-year fall in South Korean vehicle sales to 135,000 units, attributed to fewer working days around the Chuseok holiday.
