S. Korea's auto exports down 46 pct through mid-April amid pandemic
- 4 years ago
4월 완성차 수출 '반 토막'...벼랑 끝 車 업계 "유동성 지원" 호소
South Korean automakers have witnessed a major decline in exports,... as U.S. and European markets have been hit hard by the COVID-19 pandemic.
With domestic automakers struggling to cope,... South Korean government says it will provide "sufficient liquidity" to the ailing industry.
Lee Seung-jae reports.
Data released by the Ministry of Trade, Industry and Energy on Tuesday show that South Korea's auto exports plunged a whopping 45-point-8 percent in the first 17 days of April from a year earlier,... as it deals with the ongoing impact of the COVID-19 pandemic.
Outbound shipments were 48-thousand-800 units over the first 17 days of the month.
That's over 90-thousand units under the amount shipped during the same period last year.
The massive drop was due to the automakers' two major markets, the United States and Europe, getting hit hard by the virus.
Production output has also been affected as manufacturing plants in Europe, the U.S. and India were ordered to close.
However, according to South Korea's trade minister,... auto exports may continue to decline in the coming months.
"Production numbers in May and June are also expected to be sluggish. If sales continue to decline, the 8-thousand primary, secondary and tertiary parts suppliers will also struggle."
Hyundai Motor plans to raise 240 million U.S. dollars by selling corporate bonds next month.
The company plans to hold the debt sale on May 8th,... with a maturity period of three to seven years in order to secure operating capital.
In October 2016,... Hyundai sold a similar amount of corporate bonds with a five-year maturity to raise funds.
To help struggling domestic automakers,... the government has vowed to provide them with "sufficient liquidity".
The trade ministry did not give further details about the support or what specific forms it might take,... but the assistance will also help auto parts suppliers hit hard by the recent downturn.
Automobiles are one of South Korea's major export items,... accounting for around eight-percent of the country's total outbound shipments in 2019.
Lee Seung-jae, Arirang News.
South Korean automakers have witnessed a major decline in exports,... as U.S. and European markets have been hit hard by the COVID-19 pandemic.
With domestic automakers struggling to cope,... South Korean government says it will provide "sufficient liquidity" to the ailing industry.
Lee Seung-jae reports.
Data released by the Ministry of Trade, Industry and Energy on Tuesday show that South Korea's auto exports plunged a whopping 45-point-8 percent in the first 17 days of April from a year earlier,... as it deals with the ongoing impact of the COVID-19 pandemic.
Outbound shipments were 48-thousand-800 units over the first 17 days of the month.
That's over 90-thousand units under the amount shipped during the same period last year.
The massive drop was due to the automakers' two major markets, the United States and Europe, getting hit hard by the virus.
Production output has also been affected as manufacturing plants in Europe, the U.S. and India were ordered to close.
However, according to South Korea's trade minister,... auto exports may continue to decline in the coming months.
"Production numbers in May and June are also expected to be sluggish. If sales continue to decline, the 8-thousand primary, secondary and tertiary parts suppliers will also struggle."
Hyundai Motor plans to raise 240 million U.S. dollars by selling corporate bonds next month.
The company plans to hold the debt sale on May 8th,... with a maturity period of three to seven years in order to secure operating capital.
In October 2016,... Hyundai sold a similar amount of corporate bonds with a five-year maturity to raise funds.
To help struggling domestic automakers,... the government has vowed to provide them with "sufficient liquidity".
The trade ministry did not give further details about the support or what specific forms it might take,... but the assistance will also help auto parts suppliers hit hard by the recent downturn.
Automobiles are one of South Korea's major export items,... accounting for around eight-percent of the country's total outbound shipments in 2019.
Lee Seung-jae, Arirang News.