South Korea's automobile exports shrank significantly from a year earlier in April amid a continued economic slowdown in most advanced and emerging markets, the government said Monday.
In April, South Korea shipped 282,019 vehicles, down 6% from the same month last year, according to the South Korea's Ministry of Trade, Industry and Energy.
"Despite a rise in shipments to the United States, one of the world's largest markets for automobiles, the country's exports dropped 6% in April amid a growing global competition due to a weak Japanese yen and the euro, as well as a continued economic downturn in newly emerging markets, including Russia, Latin America and the Middle East," the ministry said in a press release.
The country's overall auto output shrank 2.2% on-year to 424,402 cars in April as the large cut in exports more than offset a 2.7% gain in domestic sales.
Sales of imported vehicles, on the other hand, jumped 14.7% on-year to 20,831 units last month.
In the first four months of the year, sales of locally produced cars gained 1.5% on-year to 473,407 while those of imported vehicles spiked 30.6% to 82,959.