Seoul, June 17 (UNI) South Korea’s automotive export fell for the second straight month due to the negative effect of the U.S. tariffs imposition, government data showed Tuesday.
Car shipment dipped 4.4 percent from a year earlier to 6.20 billion U.S. dollars in May after going down 3.8 percent in the previous month, according to the Ministry of Trade, Industry and Energy.
The consecutive slide was attributed to the U.S. tariffs imposition, which lowered the U.S. demand for locally-made vehicles, as well as weaker demand for eco-friendly sedans.
Auto export to the United States tumbled 27.1 percent to 2.52 billion dollars, but those to the European Union (EU) and Asia spiked in double figures.
Shipment of eco-friendly vehicles shrank 0.6 percent to 2.17 billion dollars in May compared to the same month of last year.
The number of exported vehicles came to 247,577 in May, down 3.1 percent from a year earlier. Auto parts shipment decreased 9.4 percent to 1.66 billion dollars.
The number of vehicles manufactured in local factories declined 3.7 percent to 358,969 in May on a yearly basis.
The number of cars sold inside the country, including locally-made and imported vehicles, was 141,865 in May, up 0.4 percent from a year earlier.
