S. Korean Car Exports Rebound for First Time in 2 Years in Q4
S. Korean Car Exports Rebound for First Time in 2 Years in Q4
Seoul - QNA
South Korea's passenger car exports made a turnaround in the fourth quarter of last year for the first time in more than two years on the back of rebounding oil prices, the latest customs data showed Tuesday.
The total value of exported vehicles reached US$10.73 billion in the October-December period, up 0.2 % from $10.7 billion a year earlier, according to the data compiled by the Korea Customs Service (KCS).
It is the first time that the quarterly figure finished in positive terrain since the third quarter of 2014, when it gained 2.4 % on-year.
The number of units of exported cars, however, edged down 0.7 % on-year to 769,000 in the final quarter of last year.
For all of 2016, South Korea saw its exports of passenger cars tumble 10.4 % on-year to $36.5 billion, with the country's entire exports retreating 6.4 %.
By country, shipments to Canada soared 46.3 % on-year, and those to Germany and Russia jumped 10.9 % and 38.8 %, respectively, over the cited period.
But exports to the United States, the largest importer of South Korean cars, shrank 11.1 % on-year, while shipments to Saudi Arabia and Britain fell 24.5 % and 15.2 %, respectively.
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