South Korea's auto exports are widely expected to decline for the second consecutive year in 2016, affected by a production disruption caused by a string of labor disputes at major automakers and a protracted slump in the global economy, industry sources said Sunday.

According to the sources, the total value of overseas auto shipments reached $36.07 billion in the first 11 months of the year, down 13 percent from $41.43 billion a year earlier.


If this trend continues this month, this year's overall car exports could amount to some $40 billion, far short of last year's $45.8 billion, the sources said.

It would mark the first time that the country's car exports fall for the second straight year since the 2008-2009 period when the country was hit by the global financial crisis.

The country's car exports have been on a steady decline for more than a year amid a global slowdown and contracted demand in emerging countries.

Also, unionized workers of South Korea's leading automakers -- Hyundai Motor Co. and Kia Motors Corp. -- have staged a series of strikes in recent months, causing a disruption in output and exports.

The automakers' labor walkouts ended in October and November.

In contrast, auto imports have increased this year, in terms of value, driven by a steady rise in sales of high-priced models.

The country's auto imports have risen 3.2 percent on-year to reach $8.92 billion in the first 11 months of the year. If this trend is maintained, this year's auto imports would hit a record high in terms of value. The comparable figure for last year was $10.78 billion.

In the first 11 months of the year, a total of 205,162 imported vehicles were sold in the country, down 6.5 percent from a year earlier, which means the purchased foreign autos were more expensive, the sources said. (Yonhap)