South Korean market slows sharply in Q3 of 2023
By Will Pulson - 16th January 2024
South Korea - The market for commercial vehicles over 2 tons gvw in South Korea declined sharply in the third quarter of 2023, by almost 16% to 53,168 after rebounding by 18% to 62,939 units in the same period of last year from the pandemic lows, based on data compiled from various industry sources.
The South Korean economy expanded by just 1.4% year-on-year in the third quarter, up from 0.9% in the second quarter, following last year’s strong rebound from the pandemic lows. Growth was driven mainly by stronger export activity while domestic consumption has remained sluggish this year after last year’s interest rate hikes by the central bank – from 1.25% to 3.50% currently.
