Exports of South Korea-made passenger cars dropped 2.7 percent in the first quarter of this year due mainly to increased production in overseas factories, customs data showed Wednesday.
The total value of passenger car exports reached $8.7 billion over the January-March period, down from $8.9 billion tallied a year earlier, according to the data by the Korea Customs Service.
(Yonhap)
Those of imports also sank 16.3 percent on-year to $1.8 billion from $2.1 billion over the cited period.
From three months earlier, outbound shipments of automobiles tumbled 19.1 percent from $10.7 billion, with imports slipping 17.3 percent from $2.12 billion.
The number of exported cars fell 8.6 percent on-year to 596,000 units during the three-month period, while 53,000 units were imported, down 24.3 percent from a year ago.
The customs agency attributed the decline to increased production in overseas countries and a drop in global demand for new cars.
But it said the monthly value of exports has been on a rise amid a recovery in global trade as it hit $2.4 billion in January, $2.75 billion in February and $3.5 billion in March.
Exports to the United States fell 12.9 percent on-year to $3.6 billion, with shipments to Australia slumping 16.9 percent and those to Saudi Arabia dipping 9.4 percent. (Yonhap)