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Auto exports fall at fastest pace in seven years in South Korea

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Staff Writer | October 8, 2016
South Korea's car exports plunged at the fastest clip in nearly seven years last month due mainly to partial strikes at local carmakers and contracted global demand.
South Korea cars
Auto industry   Outbound shipments of vehicles came to 156,680 units
Outbound shipments of vehicles came to 156,680 units in September, down 23.7 percent from 205,274 units tallied a year earlier, according to the Ministry of Trade, Industry and Energy.

It marked the steepest on-year decline since October 2009, when the figure posted a 24-percent drop in the aftermath of the 2008 global financial crisis.

From a month earlier, it gained 11.5 percent from a seven-year low of 140,506 tallied in August.

The total value of overseas shipments also tumbled 24 percent on-year to US$2.42 billion in September, with a 5.1-percent on-month rise.

For the first nine months of the year, car exports sank 15.3 percent on-year to 1.85 million units, with the value dipping 14.7 percent to $28.7 billion.