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S. Korea's auto exports drop 8.3 pct in Q4

All News 09:52 January 26, 2016

SEJONG, Jan. 26 (Yonhap) -- South Korea's automobile exports fell 8.3 percent in the fourth quarter of last year mainly due to weaker demand from China and Russia, customs data showed Tuesday.

The total value of exported passenger cars came to US$10.7 billion in the October-December period, down from the $11.7 billion a year earlier, according to the Korea Customs Service (KCS).

Local carmakers shipped out 774,000 cars in the three-month period, a 4.3 percent decline from the 808,000 in the fourth quarter of 2014.

The KCS attributed the decline to a sharp drop in shipments to China and Russia.

Exports to China plunged 38.3 percent to $302 million from $489 million over the cited period, while those to Russia sank 39.6 percent on-year to $220 million from $364 million.

"As prices of raw materials including crude oil fell sharply last year, demand for passenger cars in emerging countries and oil-exporting countries slumped," the KCS said in a release.

On the import front, the total cars brought into the country were valued at $2.7 billion, up 18.2 percent from a year earlier, a turnaround from a 1.1-percent on-year drop in the previous quarter.

They also expanded 14.2 percent to 87,000 units from 76,000 last year.

The average per unit cost of cars shipped abroad fell 4.2 percent on-year to $13,879, while imports gained 3.5 percent to $30,445 in the final quarter of last year.


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