SEOUL, April 14 (Korea Bizwire) – South Korea’s exports of automobiles plunged 10.8 percent in the first quarter from a year earlier, data showed Wednesday, amid falling demand from emerging markets.
South Korean carmakers shipped 654,494 units of vehicles abroad over the January-March period, compared with the 733,759 units posted a year earlier, the data compiled by the Korea Automobile Manufacturers’ Association showed.
Industry watchers said the decrease followed the slowing Chinese economy coupled with the falling demand from the emerging markets.
The second-quarter performance, however, is expected to improve following full-fledged sales of newly released models, they added.
Kia Motors Corp.’s Pride subcompact held a comparable figure of 55,106 units, trailed by Hyundai’s subcompact Accent with 49,375 units and Tucson with 45,093 units.
GM Korea said its improved sales of the Trax came amid rising demand for small-sized SUVs in the North American market.
In 2015, overseas shipments of the Trax came to 221,560 units, below the 272,493 units posted by Hyundai’s Accent.