Sales of imported vehicles in Korea fell 10 percent in January
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Sales of imported vehicles in Korea declined by more than 10 percent in January from a year earlier due to typically low seasonal demand and supply shortage of some brands, industry data showed on Friday. The number of foreign cars sold last month reached 18,198 units, down 13.7 percent from a year earlier, according to the data compiled by the Korea Automobile Importers & Distributors Association (Kaida).
The tally also marks an 11 percent drop from a month earlier, the data showed. In 2018, sales of foreign cars continued to rise, helped by firm demand for foreign brands and the resumption of sales of Audi Volkswagen.
The number of newly registered foreign vehicles reached 260,705, up 11.8 percent from 2017.
Foreign passenger cars made up 16.7 percent of all vehicles that were registered in the country last year, shattering the previous record high of 15.5 percent in 2015.
Questions & Answers
Q.What were the primary reasons for the decline in imported vehicle sales in Korea during January?
What were the primary reasons for the decline in imported vehicle sales in Korea during January?
The decline in sales was attributed to typically low seasonal demand and ongoing supply shortages affecting certain brands. These factors combined to reduce the number of imported cars sold during the month.
Q.How did January's sales figures compare to the previous month and the same month last year?
How did January's sales figures compare to the previous month and the same month last year?
Sales in January fell by 13.7 percent compared to the same month last year. They also showed an 11 percent drop when compared to the sales figures from the previous month.
Q.What was the trend for foreign car sales in Korea throughout the year 2018?
What was the trend for foreign car sales in Korea throughout the year 2018?
In 2018, sales of foreign cars consistently rose, driven by strong demand for foreign brands. The resumption of sales by Audi Volkswagen also contributed to this positive trend throughout the year.
Q.What percentage of all newly registered vehicles in Korea were foreign passenger cars last year?
What percentage of all newly registered vehicles in Korea were foreign passenger cars last year?
Last year, foreign passenger cars accounted for 16.7 percent of all vehicles registered in the country. This figure broke the previous record high of 15.5 percent, which was set in 2015.