Imports of US Cars in South Korea more than Triple in 4 Years
Seoul - QNA
Imports of American cars in South Korea more than tripled in four years, industry data showed Monday, a rise that could be attributable to the free trade deal between Seoul and Washington.
The free trade deal went into effect in 2012, providing a competitive edge to US carmakers.
South Korea imported a total of 49,096 cars from the United States in 2015, up from 13,669 units in 2011, according to data provided by auto industry.
Ford Sales and Service Korea, the local importer and distributor of US automaker Ford Motor Co., sold 10,358 cars last year, up 147% from 2011 when it sold 4,184 units, according to data, according to South Korea's (Yonhap) News Agency.
The foreign vehicle market in South Korea grew to 244,000 units from 105,000 over the cited period.
Industry officials said the biggest factor behind the growth of sales of US cars in South Korea is competitive prices of American cars following the free trade agreement.
In 2012, South Korea lowered its tariffs on US cars to 4% from 8%.
South Korea fully lifted import tariffs on imported vehicles from the US earlier this year, a move that could give a further boost to sales of US cars in South Korea.