May 04 2020
Korean Car Exports Suffer the Largest Decline in 11 years
South Korea's auto exports in April posted the largest decline since the financial crisis 11 years ago. According to the Ministry of Commerce, Industry, and Energy (MOTIE) and the Korean Association of Automobile Manufacturers, automobile exports amounted to the US $ 23.91 million in April, or 36.3 % less than in the same month of 2019. This is the largest decline in 10 years and 10 months since June 2009 (-38.1%). Auto exports to the United States from April 1 to 25 totaled $ 860 million, down 16.7% from the previous year. Shipments to Europe fell by 21.4% to $ 460 million. Exports to the CIS totaled $ 100 million, down 58.6% due to a drop in the value of the Russian ruble and a drop in purchases of new cars.