Auto exports fall by 8.1% in February, says ministry

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Auto exports fall by 8.1% in February, says ministry

Exports by the nation’s automakers slumped in February, according to the Ministry of Trade, Industry and Energy on Wednesday.

Exports decreased 8.1 percent on year in February with a total 192,276 cars sold overseas.

Major trade partners such as developing countries in the Middle East and Latin America were hit by low oil and raw material prices which led to decreased demand for cars. Exports to the Middle East plunged 74.1 percent year on year while sales to Latin America fell 41.4 percent on year. The nation’s No.1 automaker Hyundai Motor suffered the most, with a 22.3 percent drop in overseas sales, while smaller automakers such as Ssangyong Motor fought well with its flagship sport utility vehicle Tivoli, which surged 19.7 percent in exports on year.

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