Seoul, June 17 (IANS) South Korea’s car exports shrank more than 4 per cent from a year earlier in May as outbound shipments to the United States sharply dropped on Washington’s hefty tariffs on imported vehicles, data showed on Tuesday.
The value of outbound shipments of automobiles came to $6.2 billion last month, down 4.4 percent from a year earlier, according to data from the Ministry of Trade, Industry and Energy, reports Yonhap news agency.
The figure marks the second-highest export value for any May but also the second consecutive month of decrease.
In terms of volume, exports fell 3.1 percent on-year to 247,577 vehicles. However, shipments of eco-friendly vehicles went up 10.2 percent to a new monthly high of 75,000 units thanks to strong demand for hybrid cars.
The ministry attributed the overall decrease in auto exports to a base effect from a record monthly figure posted a year ago and impacts of the U.S. Donald Trump administration’s 25 percent tariffs on all imported cars and auto parts.
Exports to the U.S. slid 27.1 percent on-year to $2.5 billion in May, with broader shipments to the North American region dipping 22.3 percent to $3.08 billion.
Shipments to the Middle East also fell 7.2 percent to $391 million.
On the other hand, exports to the European Union and Asia increased 28.9 percent and 45.1 percent to $837 million and $683 million, respectively.
At home, sales of automobiles rose 0.4 percent on-year to 142,000 units in May, while domestic production went down 3.7 percent to 359,000 units.
Notably, monthly sales of eco-friendly vehicles surpassed those of internal combustion vehicles for the first time here.
More than 73,000 units of eco-friendly vehicles were sold in South Korea in May, up 39 percent from a year earlier, according to the ministry.
—IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
