S Korean auto exports fall in first quarter
Monday, 27 April 2009
SEOUL, Apr 26 (AFP): South Korean car exports fell sharply in the first quarter to March due to weak demand amid the global economic downturn, an association of local carmakers said Sunday.
The Korea Automobile Manufacturers Association said in a report carried by the Yonhap news agency that car shipments dropped 47.4 per cent year-on-year by value to 4.37 billion dollars for January-March.
The number of cars shipped overseas also fell 36.5 per cent year-on-year to 436,285 during the period, the report said.
The bigger-than-expected sales drop by value was due to a growing number of shoppers opting for small cars, rather than higher value large sedans or sports-utility vehicles, it said.
South Korea's top carmaker Hyundai Motor said Thursday its net profit plunged 43 per cent year-on-year to 224.9 billion won (166.7 million dollars) in the first quarter due to weak sales amid the global economic downturn.
Operating profit fell 71 per cent year-on-year to 153.8 billion won as sales dropped 26 per cent by value to 6.03 trillion won for January-March, it said.
The Korea Automobile Manufacturers Association said in a report carried by the Yonhap news agency that car shipments dropped 47.4 per cent year-on-year by value to 4.37 billion dollars for January-March.
The number of cars shipped overseas also fell 36.5 per cent year-on-year to 436,285 during the period, the report said.
The bigger-than-expected sales drop by value was due to a growing number of shoppers opting for small cars, rather than higher value large sedans or sports-utility vehicles, it said.
South Korea's top carmaker Hyundai Motor said Thursday its net profit plunged 43 per cent year-on-year to 224.9 billion won (166.7 million dollars) in the first quarter due to weak sales amid the global economic downturn.
Operating profit fell 71 per cent year-on-year to 153.8 billion won as sales dropped 26 per cent by value to 6.03 trillion won for January-March, it said.