Korea’s car exports marked a negative growth in May, first in 2014.
According to the Ministry of Trade, Industry and Energy, the nation's car exports reached 255,187 units last month, down 5.1 percent from a year ago.
Last month’s car production also fell by 3.0 percent to 373,470 units. Domestic sales, however, rose by 3.0 percent year on year to 137,396 units, registering a positive growth for five straight months.
The ministry blamed the decline in car exports and production on the reduction in shorter working days.
Another factor is a gradual decline in GM Korea’s export volume, resulting from GM’s decision to withdraw its Chevrolet brand from the European market on a step by step basis.
Ministry officials said, “GM Korea’s car exports to Europe stood at 11,658 units in the January-April period of this year, down 38.3 percent year on year.”
