World Economy

S. Korea Car Exports Tumble

S. Korea Car Exports TumbleS. Korea Car Exports Tumble

Auto exports by South Korean carmakers tumbled in the first quarter amid a surge in foreign luxury car imports, customs data showed Wednesday, Yonhap reported. The country’s car exports amounted to $10.2b, or 720,000 vehicles, in the first quarter, down 10.1% from a year earlier, according to Korea Customs Service (KCS). Imports of foreign luxury cars surged 35.9% from a year earlier to $2.3b, or 70,000 vehicles, in the three months ending March 31. The foreign car imports kept an upward trend, rising from $1.7b in the first quarter of 2014, $1.9b in the second quarter, $2.1b in the third quarter and $2.25b in the fourth quarter.