Korean Auto Production Falls to 7th

Korea's automoblie production stepped back two notches from 5th to 7th place owing to the current economic recession.
According to the automobile sector on November 2, car production this year was reduced to 2.1 million units which is 25.5% fewer compared to that of last year. Korea had maintained the number five spot for three consecutive years.
Due to high gasoline prices and maintenance fees, domestic sales were curtailed by 52.4% to 700,000 cars while exports slightly increased 2.5% to 1,350,000 volumes respectively. For the second in the Korean car manufacturing, exports are larger than domestic consumption. It is quite certain that Spain and Canada will surpass Korea in production output.
In last year's ranking, the United States topped mass prduction of automobiles with 12 million units, followed by Japan(11 million),France(8.13 million), Germany(8.11 million), and Korea(2.8 million).
Experts expect Korea to continue the export-based trend rather than boosting the domestic market until the economic crisis is over.