The Ministry of Trade, Industry and Energy (Minister Yoon Sang-Jick) announced that domestic sales recorded year-on-year growth of 3.0% in May, a fifth consecutive month of growth, according to the estimates of the car industry for May.

However, production (373,470 units) and export (255,187 units) declined by down 3.0% and down 5.1% year-on-year due to there being less business days. Domestic sales maintained the growth trend for a fifth consecutive month thanks to the effect of the launch of new cars and growing demand for RVs, but the growth has been significantly slowed compared to the period from January to April.

In particular, a decline in exports was recorded in four months of growth due to declines of exports by GM Korea to EU and Eastern Europe. The automotive production volume for May was recorded at 373,470 units, a year-on-year decline of 3.0% due to there being less business days. Despite the weak consumer demand and less business days, the domestic sales recorded growth for five consecutive months with year-on-year growth of 3.0% thanks to the effect of the launch of new cars and growing demand for RVs.

The sales volume of imported cars for May was recorded at 15,314 units, with year-on-year growth of 14.2%, thanks to the continued robust sales of German brand cars. Meanwhile, the export volume of the automotive sector for May was recorded at 255,187 units, a year-on-year decline of 5.1%, due to the decline in exports by GM Korea to EU and Eastern Europe.

 
 
korean-machinery.com | Blog Magazine of korean-machinery, brands and Goods