In October this year, South Korea's total car output surged by 7.1 percent year on year, totaling 414,574 units, according to a report released by the South Korean Ministry of Knowledge Economy.
According to the report, the unfavorable consumer sentiment and rising oil prices depressed car domestic sales in October by 8.8 percent to 121,564 vehicles. Meanwhile, sales of imported cars continued to grow, increasing 8.9 percent year on year to 8,234 vehicles, while exports saw an 8.5 percent increase to 274,978 units, attesting the positive effects of the free trade agreement between South Korea and the EU.