Trade surplus for Korea’s automobiles narrows in Q2

Trade surplus for Korea’s automobiles narrows in Q2


Korea’s trade surplus in the automobile sector
shrank in the second quarter as imports made up ground on exports.
The Korea Customs Service says outgoing shipments of automobiles increased by 2-point-8-percent
in the April to June period on-year… to 11-point-6-billion U.S. dollars,… while
imports shot up more than 58 percent… to 1-point-9-billion dollars.
Customs authorities attribute the significant bump in imports to growing demand for economic,
small passenger vehicles. Korea’s second-largest automaker Kia Motors
said Friday… that its second quarter operating profits plunged by 31-point-7-percent on-year…
citing unfavorable exchange rates that offset gains in the total number of cars sold.