SEOUL, June 25 (Korea Bizwire) — Sales of imported commercial vehicles in South Korea plunged 33 percent last month from a year earlier on an economic slowdown, an industry association said Thursday.
The number of newly registered imported commercial vehicles fell to 306 units in May from 459 a year earlier, according to the Korea Automobile Importers and Distributors Association (KAIDA).
“Demand for commercial vehicles has been on the decline since last year amid a slowing economy. This year, the new coronavirus outbreak is also affecting vehicle sales,” a KAIDA official said.
Imported commercial vehicles currently account for a large share of the domestic commercial vehicle market.
Five major imported commercial vehicle brands — MAN, Mercedes-Benz, Volvo Trucks, Scania and Iveco — sell trucks, buses and vans.
From January to May, overall sales fell 19 percent to 1,777 from 2,203 in the year-ago period, KAIDA said.