South Korea’s Auto Exports to the Middle East Drop 13.5% in October
South Korea’s automobile shipments to the Middle East fell by 13.5 percent in October to 403 million dollars, according to data reported by Yonhap News Agency.
Exports to the United States recorded an even sharper decline, plunging 29 percent year-on-year to 2.12 billion dollars. The drop appears to be linked to the 25 percent tariff imposed by the administration of former US President Donald Trump on Korean-made vehicles.
However, the tariff rate is expected to be reduced to 15 percent, in line with recent bilateral trade negotiations with South Korea. The adjustment is anticipated after Seoul submits a special bill to its National Assembly outlining a planned 350 billion-dollar investment in the United States, as agreed in the trade accord reached late last month.
Exports to the European Union also slipped, falling 2.1 percent to 746 million dollars in October.
On the other hand, South Korea saw strong growth in several key markets. Auto exports to Asia surged 42 percent year-on-year to 802 million dollars, while exports to Latin America rose 23.7 percent to 290 million dollars.