Middle East conflict drags down South Korea’s auto exports in April, with exports to the Middle East plunging nearly 40%
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```htmlGolden Ten Data reported on May 20 that, according to data released by the South Korean government on Wednesday, South Korea’s car exports in April dropped by more than 5% year-on-year due to a sharp decline in exports to the Middle East caused by geopolitical crises in the region. Data from the Ministry of Trade, Industry and Energy of South Korea showed that the total value of car exports in April was $6.17 billion, down 5.5% from the same period last year. Exports to North America, Latin America, and Oceania increased year-on-year by 2.4%, 23.7%, and 20.1% respectively, but exports to the Middle East plummeted by 38.7% due to the ongoing conflict between the United States and Iran. Exports to the European Union also fell by 13.1%, while exports to Asia dropped sharply by 31.7%. The data also showed that due to interruptions in parts of the automotive supply chain and consumers waiting for the launch of new and redesigned major vehicle models, domestic car production fell by 6.1% year-on-year to 362,000 units. The Ministry of Trade, Industry and Energy stated that production disruptions caused by supply chain issues are expected to return to normal starting in June.```
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