South Korea’s exports of passenger cars fell sharply in the first quarter as petroleum-rich countries have been hit hard by low oil prices.
 
According to the Korea Customs Service Friday, South Korea’s total value of automobile exports for the period between January and March amounted to some eight-point-nine billion dollars, down 12-point-four percent compared to the same period a year earlier.
 
By unit, South Korea exported 653-thousand cars during the period, down nine-point-six percent from last year.
 
Exports to the U.S., South Korea’s top auto export destination, grew three percent. Exports to Australia and Germany also climbed.
 
However, cars shipped out to Saudi Arabia, Britain, Canada and Russia fell sharply.

The customs agency said that the decline in demand for automobiles is continuing due to worsened economic conditions in oil-producing countries, resulting from the drop in oil prices.