S. Korea's Auto Exports Shrink 11.8% in 2016

South Korea's automobile exports slumped 11.8% in 2016 from a year earlier on weaker demand from emerging markets, the South Korean government said Tuesday.

    Outbound shipments of vehicles came to 2.62 million units for last year, down from 2.97 million vehicles tallied a year earlier, according to the Ministry of Trade, Industry and Energy.

    The total value of overseas shipments also slid 11.3% on-year to US$40.6 billion last year, marking the second consecutive on-year drop following a 6.4% fall in 2015, state news agency (Yonhap) reported. "A drop in global demand, partial strikes at major carmakers and increasing overseas production dragged down the country's exports last year," the ministry said in a release. 

    Local automakers including industry leader Hyundai Motor Co. suffered through months-long walkouts by unionist workers, resulting in massive production losses.

    Total output by Hyundai Motor and four other companies tumbled 7.2% on-year in 2016 to 4.23 million units due to faltering exports and strikes. A total of 1.83 million vehicles, including imported cars, were sold in South Korea last year, down 0.4% from a year earlier amid a protracted economic slowdown.