Mexico to outpace South Korea on auto exports
South Korea’s shipments of cars are set to decline for two consecutive years in 2016, handing over the world’s third-largest auto exporter title to Mexico, Korean media revealed citing government data.
From January through November, South Korean automakers shipped 2.32 million cars, while data from Mexico’s auto industry group AMIA showed that the country exported 2.55 million units during the same period.
The negotiations between the unionized workers and management of South Korea’s biggest carmaker Hyundai Motor collapsed in July and continued until mid-October, dampening production. For Kia Motors, the second-largest carmaker and also Hyundai’s sister company, it also took over four months from late June to early November.
At the highest of strikes, the car production plummeted by 23.8 percent on-year in August.
In November, the number of car exports grew 0.9 percent on-year to 260,491, growing for the first time in 13 months in terms of value.