In January this year, domestic car sales in South Korea fell 18 percent year on year to 106,370 vehicles because of weak consumer sentiment and rising fuel prices, according to a report released by the South Korean Ministry of Knowledge Economy. In the given month, the introduction of new models pushed sales of imported cars up nine percent compared to January 2011 to 9,441 units, although fewer Korean cars were sold in the domestic market.
Meanwhile, in January this year South Korea's car output decreased by 14 percent year on year to 333,353 units, while its car exports declined by one percent to 248,958, reflecting global concerns over the economic outlook.