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South Korea’s auto export keeps falling for four months

South Korea’s automotive export kept falling for four straight months through July due to an economic fallout from the COVID-19 pandemic, a government report showed on Monday.

The number of locally-made cars exported in July was 181,362, down 11.7 per cent compared to the same month of last year, according to the Ministry of Trade, Industry and Energy.

It continued to retreat for four months in a row, but the sliding pace slowed from declines of 44.6 per cent in April, 57.5 per cent in May and 40.1 per cent in June respectively.

The slowing export fall came as car demand increased from North America and Europe, caused by the reopening of businesses in major economies after lockdowns on worry over the COVID-19 pandemic.

In terms of value, the auto export slipped 4.2 per cent over the year to $3.66 billion in July.

It was lower than reductions of 36.3 per cent in April, 54.1 per cent in May and 33.2 per cent in June each.

The number of car sale in the domestic market is 164,539 in July, up 8.9 per cent from a year earlier.

The local car sale kept growing for the fifth consecutive month, owing to the launch of new models and the discount event.

Car production shed 3.8 per cent over the year to 345,711 units in July.

It was down from diminutions of 36.9 per cent in May and 10.7 per cent in June each.

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