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.