South Korea CV market falls 10% in Q3 as resurgent virus hits country
By Will Pulson - 1st December 2021
South Korea – The commercial vehicle market over 2 tons gvw in South Korea declined by over 10% to 53,323 units in the third quarter of 2021 after rebounding by over 14% to 59,303 units a year earlier, based on data compiled by www.AsiaMotorBusiness.com from various industry sources.
The recent surge in cases of COVID-19 in the country and regional supply chain disruptions negatively impacted domestic consumption and output in the third quarter. GDP growth slowed to 4.0% year-on-year in the third quarter after rebounding by 6.0% in the second quarter, also reflecting a less favorable base effect, with private consumption growth slowing to 3.2% from 3.7% and fixed investment growth down to 1.8% from 3.8%.
