Import car market reverse growth for second consecutive year for first time since IMF

Sales of imported cars fell for the second consecutive year for the first time since the IMF financial crisis.

The Korea Automobile Importers and Distributors Association said the number of new imported cars registered last year was 263,000, down 3% from the previous year.

Sales have fallen back for two consecutive years since the IMF financial crisis in 1997 and 1998, the first time in 26 years.

The reverse growth of the import car market, which is considered relatively less sensitive to economic conditions, for the second consecutive year is interpreted as meaning that the slump in domestic demand is as serious as it was during the IMF.