Auto imports to equal 10% ...of exports

The ratio of Korea’s automobile imports to its exports is likely to exceed 10 percent this year, for the first time in 20 years since 1992, a trade data showed.

According to the Korea Automobile Manufacturers’ Association, the nation imported vehicles worth $3.46 billion (3.8 trillion won), which is equivalent to 10.8 percent of its vehicle exports worth $32.07 billion, for the first nine months of the year.

The ratio last recorded a double-digit figure in 1992 when Korea’s vehicle exports stayed at about $3 billion.

The import car industry saw its car sales reach an all-time high during the first half of the year, posting a monthly average of more than 10,373 units. Korea saw yearly sales of import automobiles surpass 100,000 units for the first time in 2011.

In contrast, car exports have fallen this year due to labor disputes and the eurozone fiscal crisis.

By Kim Yon-se (kys@heraldcorp.com)