The Korea Herald reports that sales of imports in Korea last month declined by 11% over last year, but in the first 10 months of the year they expanded by 109% to 13,354 units. Import share is around 1% in unit terms, although Korean bodies like to stress that it is higher by value because of the upscale nature of import sales.
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The newspaper reported that by brand, sales of BMWs through October reached 4,117 units, Mercedes Benz sold 1,827 vehicles and Lexus racked up sales of 2,529 units.
The Korea Institute for Industrial Economics & Trade (KIET) is forecasting that annual passenger car imports to South Korea will reach 51,000 units by 2005 – which compares with around 15,000 units per annum currently. The projected import level will account for a share of the car market of around 3% (assuming a market total of 1.71 million units).
