S.Korea's auto production posts double-digit fall on less business days
Views :334 Recommendation: Votes:0 Discuss:0

Automobile production in South Korea posted a double-digit decline last month on less business days, a government report showed Wednesday.

The number of cars manufactured in local factories totaled 249,390 in August, down 15.9 percent from a year earlier, according to the Ministry of Trade, Industry and Energy.

It came as the summer vacation for most of workers fell in August and reduced the number of working days from 19 days in August this year from 16 days a year ago.

Automotive export diminished 3.4 percent over the year to 164,154 in August on less business days that offset solid demand for sports utility vehicles (SUVs) and environmentally-friendly models.

In terms of value, the auto export increased 4.6 percent to 2.98 billion U.S. dollars last month on higher car price.

In the domestic market, the sale of local cars shrank 6.5 percent in August from a year earlier, with the imported vehicle sale sliding 4.6 percent.

Among the imported models, the Japanese car sale tumbled 56.9 percent last month amid the ongoing trade spat between South Korea and Japan.

The Seoul-Tokyo trade feud started as Japan tightened control in early July over its export to South Korea of three materials vital to produce memory chips and display panels, the mainstay of the South Korean export.

Japan removed South Korea in August from its whitelist of trusted trading partners that are given preferential export procedure. In response, Seoul dropped Tokyo off its whitelist of trusted export partners last month, and implemented it beginning Wednesday midnight.

Source: Xinhua

Recent Releted News

Vote for this news?
More Discuss...
Your Name:
Enter the code shown: