South Korea's Auto Imports and Exports Decline

Vehicles' imports and exports of South Korea declined sharply in the first seven months of this year. 
South Korea's Vehicle shipments to six countries -- the US, Saudi Arabia, Canada, Vietnam, Russia and Chile -- dropped in the first seven months of the year, but exports to Australia, Britain, Germany and Mexico rose sharply, according to the data compiled by the Korea Automobile Manufacturers Association (KAMA). 
In particular, auto shipments to Saudi Arabia, last year's No. 2 auto market for South Korea, dropped 40% from a year earlier to US$1.31 billion in the January-July period, marking the first decline in 14 years, (Yonhap) news agency reported. 
Auto shipments to the US also sank 6.7% in the first seven months of the year to $9.92 billion. 
In contrast, Australia became South Korea's No. 2 auto market this year with auto exports to Australia rising 20% over the cited period to $1.33 billion. 
Imports of foreign cars in South Korea more than halved in July due to a large cut in sales of Volkswagen and Audi cars mired in the fake emissions scandal and the end of tax favors on car purchases, industry data showed Sunday. 
According to KAMA data, a total of 17,897 foreign vehicles were imported into the country last month, down 51% from the previous month. 
Last month, the environment ministry revoked sales certification of 80 vehicle models sold by Audi Volkswagen Korea.