S.Korea shows more signs of economic slowdown amid export slump
South Korea is showing signs of an economic slowdown, as its manufacturing industry is losing momentum in the wake of slowing exports.
After an exhausting slowdown, domestic passenger vehicle market finally witnessed some improvements after its sales witnessed an increase of 0.28 per cent to 2,85,027 units in October from 2,84,223 units in the year-ago period.
The sales for domestic cars were down 6.34 per cent to 1,73,649 units as against 1,85,400 units in October 2018, data released by the Society of Indian Automobile Manufacturers (Siam) stated.
On the other hand, October 2019 sales of two-wheeler declined 14.43 per cent to 17,57,264 units compared to 20,53,497 units in the same month in 2018. The motorcycles also received similar results with a fall of 15.88 per cent in October to 11,16,970 units as against 13,27,758 units a year earlier.
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Sales of commercial vehicles were down 23.31 per cent at 66,773 units in October, Siam said.
Vehicle sales across categories registered a decline of 12.76 per cent to 21,76,136 units from 24,94,345 units in October 2018, it added.
In fact, barring utility vehicles, passenger carriers and quadricycles, all other vehicle categories witnessed decline in sales during the month.
(With input from agencies)
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