S. Korea's car exports down 59% y/y in May; domestic sales up 30%
Updated: 2020-05-24 13:02:23 KST
South Korea's car sales are up sharply in the domestic market this month, but car exports have plunged.
According to the Korea Automobile Manufacturers Association, domestic sales in the first half of May rose 30 percent on year.
That's in large part because the government decided to cut the special consumption tax on cars by 70 percent.
Exports, meanwhile, were down 59 percent in the first 20 days of the month, prompting some factories making cars for exports to either temporarily shut down or reduce their manpower.