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CV market in South Korea falls sharply in Q1

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By Will Pulson - 9th July 2024

South Korea - The market for commercial vehicles over 2 tons gvw in South Korea plunged by almost 27% year-on-year to 47,993 units in the first quarter of 2024 compared with strong year-earlier volumes, based on data from various industry sources.

Economic growth in the country accelerated to 3.4% year-on-year in the first quarter of 2024 compared with growth of 2.2% in the fourth quarter of 2023, according to data released by Bank of Korea, the strongest expansion in more than three years and significantly beating expectations.

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