S. Korea’s car exports up in March, but COVID-19 impact looms in April
- 4 years ago
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Despite the coronavirus pandemic, the South Korean auto industry last month saw an increase in production, domestic demand and exports.
According to the trade ministry, auto production rose by around 7 percent on year to nearly 370-thousand units.
Domestic consumption surged by 10 percent in part because the government cut the special consumption tax on cars and thanks to discounts given by some dealers.
Exports were up by 1-point-3 percent on sales of SUVs and eco-friendly cars.
However, a trade ministry official said the coronavirus's impact on exports in March was limited, but the figures for April will be worse because of the pandemic's spread in Europe and the U.S.
Despite the coronavirus pandemic, the South Korean auto industry last month saw an increase in production, domestic demand and exports.
According to the trade ministry, auto production rose by around 7 percent on year to nearly 370-thousand units.
Domestic consumption surged by 10 percent in part because the government cut the special consumption tax on cars and thanks to discounts given by some dealers.
Exports were up by 1-point-3 percent on sales of SUVs and eco-friendly cars.
However, a trade ministry official said the coronavirus's impact on exports in March was limited, but the figures for April will be worse because of the pandemic's spread in Europe and the U.S.