South Korean CV market drops 5% in Q4 but ends up positive for the year
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By Will Pulson - 16th April 2024
South Korea - The South Korean market for commercial vehicles over 2 tons gvw declined by more than 5% to 59,190 units in the fourth quarter of 2023 from 62,497 units a year earlier, based on data from various industry sources.
This follows an even sharper decline in the third quarter of the year - compared with strong year-earlier growth when industry output rebounded following widespread shortages of semiconductors. GDP growth accelerated to 2.2% year-on-year in the fourth quarter following 1.4% growth in the third quarter, driven by strong export activity which more than offset slowing domestic consumption.
