Imports of European cars have grown at a faster pace than exports of Korean cars to the European market since Seoul's free trade agreement with the European Union went into force five years ago, industry data showed Tuesday.
Outbound shipments of Korean autos to the EU rose 28.6 percent from 2010 to 383,698 units in 2015, while the registration of European cars here skyrocketed 233.2 percent during the period to 197,396 units, according to the data compiled by the Korea Automobile Manufacturers Association.
The ratio of European brands among imported cars also surged from 65.4 percent in 2010 to 80.9 percent in 2015, far surpassing growth of Japanese and American carmakers in the domestic market, the KAMA said.
Industry officials say the lower tariffs on European auto brands helped lure local customers, while Korean firms that already had factories in Europe enjoyed comparatively fewer benefits.
They expect the trend to continue for a while as tariffs on small cars below 1,500 cc and hybrid cars were also lifted on July 1.
"Although the trade pact with the EU boosted exports of Korean cars, their performance lags far behind that of European brands," an industry official said. (Yonhap)
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