Trade tensions dent car sales in South Korea
Japanese brands hit hard as consumers shun their vehicles.
Posted on 20 January, 2020
Imported car sales in South Korea fell 6.1 per cent in 2019 from a year earlier as Japanese marques were affected by a boycott amid trade tensions between Seoul and Tokyo, an industry association says.
The number of newly registered foreign vehicles fell to 244,780 last year from the 260,705 units sold in 2018, according to the Korea Automobile Importers and Distributors Association.
Japanese carmakers such as Toyota, Honda and Nissan saw their sales plunge 19 per cent to 36,661 vehicles from 45,253 over the cited period, reports the Korea Herald.
It is believed local consumers are shunning Japanese vehicles in response to Japan’s restrictions on exports of key materials to Korea.
