Demands of imported light traveler vehicles in South Korea kept on diving in May 2019, by practically 17% to 19,548 units from 23,470 units every year sooner, as per part information discharged by the Korea Automobile Importers and Distributors Association (KAIDA).
Imported brands struggled to keep up with a resurgent Hyundai Motor, which continued to gain ground following the recent release of new models including the new Palisade and Santa Fe SUVs and the new Sonata passenger car.
The association pointed to a lack of available stock as a key factor for the huge underperformance on the part of the importers in the South Korean vehicle market. In particular, it cited a shortage of some Mercedes-Benz models as the main reason for the decline in imports.
In just the starting five months of 2019, import demand were down by 23% at 89,928 units from 116,798 units in the same period last year, with their share of the overall passenger vehicle market falling to 14.7% from 18.3% a year ago.
This reduction in the sales of the imported goods would boost the production and motivate the people into working, the local people and locally produced goods are having a higher demand so people would prefer to switch to that instead of simply being focused on these. This would play a major role in ensuring that the goods are being sold and the local industry flourishes over the time reducing the burden of imports. This would in turn lead to the higher level of exports as the local industries grow to be able to compete with the foreign goods.