Korea's automobile shipments sloped to failure for 7th year

Dec 04 2019 / By Shreyas Tanna

South Korea's automobile trades are tilted to undergo a fall for the seventh successive year in 2019 in terms of capacity because of the limited demand in developing markets, statistics showed Sunday.

South Korean car manufacturers delivered about 1.98 million items in the initial 10 months of the year, 0.4 percent lesser from the previous year during an economic strike domestically and internationally, as per the statistics accumulated by the Korea Car Manufacturers' Association.

The state's automobile trades, since touching a standard of about 3.17 million units in 2012, have been on a massive downfall, and the pattern will probably last this year.

Customer vehicles added about 0.21 percent annually to 1.91 million over the quoted time duration, while saleable automobiles underwent a 12.8 percent downfall, the statistics showed.

Shipments to the Middle East and the Central American countries dropped by approximately 8 percent and 22.8 percent, correspondingly, while exports to the Asian countries also faced a 15.1-percent downfall, according to the statistics.

In comparison to that, exports to the North American and European countries each increased by 11 percent and 0.31 percent, as seen from the statistics.

But by worth, the state's automobile exports increased by 4.2 percent annually to around $31.83 billion in the initial 10 months of the year, on the back of an increase in exports of high-value SUVs and environment-friendly automobiles.

In specific, shipments of SUVs expanded from 8.2 percent to 1.21 million units over the mentioned duration, as seen from the data.

Outbound exports of environment-friendly automobiles, like electric vehicles, increased to 36.3 percent annually to extend to 203,500, the statistics explained.

In the meantime, the state’s vehicle output is extensively anticipated to touch a nine-year decrease this year on inactive sales domestically and in the foreign country.