SEOUL, KOREA - Korea’s auto parts exports were damaged last month by the output loss at major carmakers.
According to the Ministry of Trade, Industry and Energy and the Korea Automobile Manufacturers Association on September 2, the nation’s auto parts exports are estimated to have reached $1.91 billion last month, down 9.6 percent from a year ago.
This is the first time for the nation’s monthly auto parts exports to fall below $2 billion since June 2013.
The August figure shows that the rapid growth of the nation’s auto parts exports is braked by the output loss at major carmakers.
The number of work days for these automakers fell by one day last month due to summer vacation. In addition, Hyundai Motor and Kia Motors underwent partial strikes and employees’ refusal to work on weekends, which resulted in production delay.