South Korea Importing More Cars From US, EU

Free trade agreements drive growth in foreign vehicle sales in South Korea
Free trade agreements with the U.S. and the European Union are driving imports of cars to South Korea, according to a leading trade association.
 The Korea Automobile Imports & Distributors Association said imported vehicles may account for 10 percent of the market this year with sales possibly topping 120,000 units, up from the 105,037 foreign vehicles sold in South Korea in 2011 when imports made up 8 percent of the market.

Free trade agreements drive growth in foreign vehicle sales in South Korea
Free trade agreements with the U.S. and the European Union are driving imports of cars to South Korea, according to a leading trade association.
 The Korea Automobile Imports & Distributors Association said imported vehicles may account for 10 percent of the market this year with sales possibly topping 120,000 units, up from the 105,037 foreign vehicles sold in South Korea in 2011 when imports made up 8 percent of the market.
 Jung Jae, chairman of KAIDA, said growth in sales of imported cars is attributed to “driver-oriented models, new young consumers and cheaper prices through free trade pacts.”
 Korea’s FTA with the U.S. was implemented in March, eliminating import tariffs on cars. A similar FTA with the EU came into force in the summer of 2011.