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S. Korea's auto exports shrink 11.8 pct in 2016

All Headlines 11:00 January 10, 2017

SEJONG, Jan. 10 (Yonhap) -- South Korea's automobile exports slumped 11.8 percent in 2016 from a year earlier on weaker demand from emerging markets, the government said Tuesday.

Outbound shipments of vehicles came to 2.62 million units for last year, down from 2.97 million vehicles tallied a year earlier, according to the Ministry of Trade, Industry and Energy.

The total value of overseas shipments also slid 11.3 percent on-year to US$40.6 billion last year, marking the second consecutive on-year drop following a 6.4-percent fall in 2015.

"A drop in global demand, partial strikes at major carmakers and increasing overseas production dragged down the country's exports last year," the ministry said in a release.

Local automakers including industry leader Hyundai Motor Co. suffered through months-long walkouts by unionist workers, resulting in massive production losses.

Total output by Hyundai Motor and four other companies tumbled 7.2 percent on-year in 2016 to 4.23 million units due to faltering exports and strikes.

A total of 1.83 million vehicles, including imported cars, were sold in South Korea last year, down 0.4 percent from a year earlier amid a protracted economic slowdown.

S. Korea's auto exports shrink 11.8 pct in 2016 - 1


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