South Korea's August Auto Exports Fall 29.8% Year Over Year

According to Sina Finance, South Korea's Ministry of Trade, Industry and Energy said on Thursday that August auto exports fell 29.8% year over year to $3.85 billion from $5.49 billion a year earlier. The ministry said fewer working days during the summer holiday and production disruptions at some automakers due to strikes affected exports. Exports to North America and the European Union fell 28.2% and 16.8%, respectively, to $1.84 billion and $659 million. Exports to Asia and the Middle East declined 41.9% and 23.6%, respectively, to $343 million and $234 million. Commercial vehicle exports fell 26.9% year over year to 146,000 units. Domestic auto sales in South Korea totaled 110,000 units in August, down 20.8% from a year earlier, while auto production fell 35.8% to 206,000 units. The ministry said auto exports and production are expected to improve later this year as major automakers reach wage agreements.