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Korea’s Car Exports Down in May

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Friday, June 13th, 2014

Korea’s car exports marked a negative growth in May, first in 2014.

According to the Ministry of Trade, Industry and Energy, the nation's car exports reached 255,187 units last month, down 5.1 percent from a year ago.

Last month’s car production also fell by 3.0 percent to 373,470 units. Domestic sales, however, rose by 3.0 percent year on year to 137,396 units, registering a positive growth for five straight months.

The ministry blamed the decline in car exports and production on the reduction in shorter working days.

Another factor is a gradual decline in GM Korea’s export volume, resulting from GM’s decision to withdraw its Chevrolet brand from the European market on a step by step basis.

Ministry officials said, “GM Korea’s car exports to Europe stood at 11,658 units in the January-April period of this year, down 38.3 percent year on year.”


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