SOUTH KOREA: Auto exports seen off 14% in second quarter
South Korean auto exports are expected to fall 13.8% in the second quarter of this year, an industry report said on Sunday, indicating local carmakers will not emerge from the ongoing slump anytime soon.
Korean automakers are expected to export 640,000 vehicles in the April-June period, compared with the 742,000 vehicles they shipped during the same period last year, according to the quarterly report by the Federation of Korean Industries.
But the pace of the decline was less dramatic than the previous quarter, when auto exports plunged 30.2% year on year to 480,000 units, the report showed.
"In the coming quarter, auto exports will continue to remain weak as the global economic crisis hampers demand," the federation said in a statement cited by Asia in Focus.