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Biz News Korea(Eng)
Korean auto industry in downturn with shipments and sales receding
- Collected
- 2018.01.16
- Distributed
- 2018.01.16
- Source
- Go Direct
According to a preliminary data released by the Ministry of Trade, Industry and Energy on Tuesday, the nation’s auto output dwindled 2.7 percent to 4,115,000 units in 2017 against a year ago. Domestic car sales fell 2.0 percent on year to 1,542,000 units. When including foreign brands, car sales slipped 1.8 percent to 1,793,000 units.
Exports dipped 3.5 percent to 2,529,000 units.
Shipments to the United States tumbled 8.0 percent on year and to the Middle East and Central and South America down 12.7 percent and 11.3 percent, respectively.
Auto shipments were affected by strikes and sluggish demand at home and abroad, the trade ministry said.
Foreign brands fared relatively well at home. Despite sales ban on German producers Audi Volkswagen, imported cars sold 251,000 units, down marginally by 0.4 percent from a year earlier.
Eco-friendly cars made strides. Green car sales in the country jumped 42.2 percent on year to 97,802 units last year while exports shot up 126.6 percent to 176,842 units over the same period.
By Ko Jae-man and Cho Jeehyun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]