Passenger Car Export Value Increased by 5.3% Last Year... US Exports Reach 15.7 Billion Dollars

Korea Customs Service Announces '2019 Passenger Car Trade Status'

Asia Economy DB=Photo by Dongju Yoon doso7@

[Asia Economy Reporter Kim Bo-kyung] Last year, South Korea's passenger car export value reached $39.4 billion, marking a 5.3% increase compared to the previous year.

According to the 2019 passenger car trade status announced by the Korea Customs Service on the 6th, last year's passenger car export value recorded $39.43 billion, up 5.3% from the previous year.

Although last year's export value was the highest in four years since 2015 ($40.73 billion), the number of exported vehicles decreased by 0.5% to 2.46 million units compared to the previous year.

By country, export values were largest in the United States (approximately $15.7 billion), Canada ($2.6 billion), Russia ($2.2 billion), Australia ($2.0 billion), and Germany ($1.6 billion) in that order.

Exports increased compared to the previous year in the United States (15.5%), Canada (13.1%), Russia (7.0%), Germany (0.1%), Saudi Arabia (18.9%), France (11.2%), Spain (1.2%), Vietnam (23.7%), and Iraq (77.4%), while Australia (-3.6%), the United Kingdom (-9.5%), and Italy (-21.1%) saw decreases.

Last year, passenger car import value was $11 billion, down 0.9% from the previous year. The number of imported vehicles also decreased by 0.8% to 310,000 units.

By country, import values were highest from Germany ($5.3 billion), the United States ($1.8 billion), Japan ($1.2 billion), the United Kingdom ($800 million), and Austria ($300 million).

Regarding changes in import values, Germany (1.3%), the United States (3.3%), Sweden (23.4%), and South Africa (87.8%) increased, while Japan (-1.2%), the United Kingdom (-25.7%), Austria (-34.4%), and Italy (-8.6%) decreased.

The Korea Customs Service stated that the decrease in passenger car imports last year was influenced by reduced imports of mid-sized diesel cars (-26.4%) and large diesel cars (-42.6%).

This content was produced with the assistance of AI translation services.