SEOUL, KOREA- Korea's car exports continue to decline amid increases in major carmakers' overseas production. According to the Korea Automobile Manufacturers Association, the exports of domestically produced cars continued on a downward trend since the latter part of last year, reaching 1,812,796 units in the January-July period of this year, down 6.6 percent year on year.

During this period, Hyundai Motor marked an 8.7-percent decline in car exports, while Kia Motors, GM Korea, and Renault Samsung recorded a 4.1, 4.8, and 35.8-percent decline, respectively. Among Korea's five major carmakers, Ssangyong Motor was the only carmaker which achieved a positive growth (9.8%).

Accordingly, the amount of Korea's car exports fell by 2.1 percent to $28.14 billion from $28.73 billion a year ago. Key factors behind the decline in Korea's car exports include the heightened external uncertainty, the yen's depreciation vis-à-vis the Korean won, and the increase in major carmakers' overseas production volume.