South Korean automobile exports falls

South Korea’s automobile exports fell in March as automaker Hyundai Motor and its affiliate Kia Motors shortened working hours. According to South Korea’s Ministry of Trade, Industry and Energy (MOTIE), automobile exports by the country’s five automakers declined 16 percent from a year earlier to 258,067 units in March. For the first three months of this year, car exports slid 8.9 percent from a year before. Auto production plunged 13.1 percent from a year earlier to 365, 768 units in March, while domestic car sales fall 0.3 percent to 131,136 units due to positive effect from the launch of new models. Hyundai and Kia saw their car production plunge 20.7 percent and 10.2 percent each in March from a year before, with their auto exports reducing 29.4 percent and 13.1 percent respectively amid supply disruption from less working hours.