S. Korean trade in passenger cars surges in Q1: report

SEOUL, May 12 (Yonhap) -- South Korea's trade in passenger cars soared in the
first quarter of 2010 from a year earlier, helped by the steady pace of a
worldwide economic recovery, a government report said Wednesday.
The Korea Customs Service said exports of passenger cars shot up 58 percent
on-year to US$6.42 billion in the January-March period, with imports jumping 77
percent to $593.00 million.
The trade surplus of $5.82 billion represents a 56 percent gain from the first
quarter of 2009, it said.
The service said exports of compact and medium-sized cars outpaced those of small
vehicles with an engine capacity below 1,000cc.
Outbound shipments of small-sized cars rose 37 percent compared to the year
before, while exports of larger cars grew by triple digits.
Compact-sized cars with an engine capacity of 1,300cc-1,500cc jumped 208 percent
on-year, and medium-sized vehicles driven by 1,500cc-2,500cc engines soared 276
percent compared to the previous year.
"The rebound in economic conditions abroad contributed to the sales of
larger-sized passenger cars particularly in the North American market," the
customs service said, adding that smaller cars were generally more popular in
Europe and Middle Eastern countries.
The report said domestic demand for foreign-made cars rose as the local economy
recovered from last year's slump.
Despite the 28 percent on-year drop in imports for small-sized cars in the
January-March period, demand for medium-sized cars caused inbound shipments to
jump 208 percent on-year, it said.
Most small-sized cars were imported from France, while medium- and large-sized
cars were brought in from Japan, Germany and the United States.
yonngong@yna.co.kr
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