Yonhap (Seoul) - South Korea's automobile imports from European nations rose almost 30 percent in the July-September period from a year earlier on the back of a free trade pact between Korea and the European Union, data showed Sunday.
Newly registered units of imported cars grew 27.4 percent on-year to 21,190 for the three months since the free trade deal between South Korea and the European Union took effect on July 1, according to the Korea Automobile Importers and Distributors Association (KAIDA).
Imports of German brands such as Mercedes Benz and BMW rose 28.4 percent on-year to 18,602 units in the cited period, followed by British autos with a 27 percent increase and French with 26.3 percent growth.
Market watchers said that a rise in car importation from the EU came as European carmakers drove down prices of their brands and parts ahead of the implementation of the FTA deal, in a bid to secure a bigger slice in the Korean market.
The free trade accord, signed in October last year, is the most ambitious deal South Korea has finalized, and is the first of its kind between an East Asian country and the EU.
The two sides agreed to eliminate tariffs on cars with an engine displacement of more than 1.5 liters within three years. Tariffs for smaller cars with an engine displacement of less than 1.5 liters will be lifted after five years.
South Korea previously imposed an 8 percent import duty on European cars, while the EU levied a 10 percent duty on vehicles from South Korea.
The EU is the second-largest trading partner for South Korea after China, with trade between the two totaling US$92.2 billion last year.
