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Tag Archives: Korean fta
Korean Trade Deficit Soars under Obama Administration Deal
The U.S. deficit with Korea in autos and auto parts increased 16% during the first year of the FTA. U.S. auto imports from Korea have surged by more than $2.5 billion. Continue reading
Posted in economy, news, news analysis
Tagged autoinformed, autoinformed.com, Ken Zino, Korean fta, trade deficit
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U.S. Trade Deficit with Korea Highest on Record under FTA
The U.S. trade deficit with South Korea reached its highest level in history just ten months into the controversial trade agreement, according to the latest data released by the U.S. International Trade Commission. During January the deficit with South Korea was at -$2.4 billion — the largest monthly deficit with Korea on record. Continue reading
Posted in auto news, economy, financial results, news, news analysis
Tagged auto informed, autoinformed.com, automotive news, great recession, Ken Zino, Korean fta, trade, u.s. unemployment, uaw
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Automakers Protest EU Korean FTA Deal is One Sided
European automakers are protesting that EU-South Korea FTA one year later has resulted in massive increases for Korean exports of passenger cars, yet only relatively modest gains for the EU auto industry. The European Automobile Manufacturers Association (ACEA) took the opportunity of the first anniversary of the Korean FTA coming on 1 July to draw attention to what it called an “unbalanced situation.” Continue reading
Chevrolet Corvette Goes on Sale in Korea Tomorrow
Chevrolet Corvette, goes on sale for the first time on Friday 4 May in the heretofore government restricted auto market in South Korea. The Corvette Coupe is priced at KRW 86.4 million ($76,399) and a special leather interior package is available at KRW 3 million ($2,653) – a 50% premium over the U.S. price of $50,575. Corvette coupe models are powered by the 430-horsepower (321 kW) LS3 V8. Continue reading
Posted in marketing, milestones
Tagged auto informed, autoinformed.com, automotive news, corvette, Ken Zino, Korean fta, south korea
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Hyundai Joins ACEA as European Auto Sales Slump Continues
The irony is that European automakers remain opposed to the terms of the Korean FTA, which went into effect last July. Automobiles are now the largest export product of the South Korean economy. Its car industry with a production of 3 million cars per year, of which 2 million (64%) are exported – 300,000 of which were sent to the EU in 2010. ACEA points out that by contrast, 74% of cars produced in the EU are also registered in the EU. Because of its size and importance, the EU is a key target market for Korean manufacturers, but “uneven implementation will place the whole EU economy at a disadvantage,” according to the trade group. Continue reading
Posted in auto news
Tagged acea, auto informed, autoinformed.com, automotive news, eu, eurozone crisis, hyundai, Ken Zino, Korean fta
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European Auto Sales down in 2011 for Fourth Straight Year
For the year American automakers General Motors finished fourth with a flat 8.7% share. Fifth place Ford Motor (8%, a slight decline) made no sales progress either, even though both companies have introduced a series of new models. Sixth place Fiat – the owner of Chrysler courtesy of American taxpayers – continues to struggle along with Italy, off almost a full percentage point in share to 7.1%. One bright spot – Jeep sales are up 63% from an admittedly small base to more than 22,000 units. Continue reading
Posted in auto news, marketing, news, news analysis, results, sales
Tagged 2011 results, acea, auto informed, autoinformed.com, automotive news, eu, european auto sales, eurozone sales, hyundai, Ken Zino, Korean fta, marchionne, results eu results
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President Obama and South Korean President Lee Defend Korean FTA at a Michigan General Motors Small Car Plant
President Barack Obama and South Korean President Lee Myung-bak toured the General Motors Orion Assembly Plant on Friday and spoke to several hundred workers and guests in support of the pending U.S-South Korean Free Trade Agreement. The rally came as U.S. long term unemployment remain at record post Great Depression levels. Korea is the fifth largest producer and fourth largest exporter of motor vehicles in the world, and – up to now – its car market has been closed. Continue reading
Posted in auto news, economy, labor issues, news analysis, people, results, sales
Tagged auto informed, autoinformed, autoinformed.com, chrysler, Ford, GM, hyundai, Ken Zino, kia, Korean free trade agreement, Korean fta, president obama, trade imbalances, u.s trade deficit, uaw, unemployment, zino
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Obama Administration Submits Controversial FTAs to Congress. Largest Loss of Jobs since NAFTA Coming?
The AFL-CIO said the “The Korea agreement is the largest offshoring deal of its kind since NAFTA. If enacted, it likely will displace 159,000 U.S. jobs, mostly in manufacturing. And its glaring loopholes would allow unscrupulous businesses to import illegally labeled goods from China and possibly even from sweatshops in North Korea—potentially without any tariffs at all.” Continue reading
Posted in auto news, economy, fools 'n frauds, labor issues, manufacturing, people, transportation
Tagged afl-cio, auto informed, autoinformed, autoinformed.com, cwa, eu korean fta, Ford, fta, hyundai, jobs, Ken Zino, kia, Korean free trade agreement, Korean fta, richard trumka, trade, trade imbalances, u.s trade deficit, uaw, unemployment, usw, zino
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August New Vehicle Sales Barely Up. U.S. Economy Still Stalled
It looks like the new vehicle retail sales for August will continue at a seasonally adjusted annualized rate (SAAR) of a mere 9.9 million units since sales for August are projected at 898,000 units. The retail selling rate is just … Continue reading
Posted in auto news, economy, marketing, news analysis, results, sales
Tagged 2012 election, august sales, auto informed, auto news, autoinformed, autoinformed.com, automotive news, fta, j.d power, Ken Zino, korean automakers, Korean fta, results, u.s. auto sales, zino
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EU-South Korea Free Trade Agreement Favors Koreans
Under current market conditions, this waiver will not balance the current €10.7 billion trade deficit in automobiles, according to the respected consultancy Frost & Sullivan. Continue reading
Posted in auto news, economy, labor issues, news analysis
Tagged auto informed, auto news, autoinformed, autoinformed.com, automotive news, eu korea fta, eu korean fta, ford Europe, free trade, frost & sullivan, fta, Ken Zino, korea fta, Korean fta, prana tharthiharan natarajan, unemployment, zino
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Ford of Europe CEO Stephen O’Dell Calls for a Comprehensive Industrial Policy and Rejection of Korean FTA
Odell also criticized a proposed Korean trade agreement, which in a different form is also controversial in the U.S. However, Ford in the U.S. supports a pending Korean FTA, which is opposed by all major U.S. unions except for the United Autoworkers. A Ford spokesperson was unable to explain the disparity in the conflicting positions. Continue reading
Posted in auto news, economy, labor issues, manufacturing, news analysis
Tagged afl-cio, auto informed, autoinformed, autoinformed.com, cwa, eu industrial policy, eu korean fta, Ford, ford europe korean fta, hyundai, Ken Zino, kia, Korean free trade agreement, Korean fta, odell, richard trumka, trade, trade imbalances, u.s trade deficit, uaw, unemployment, usw, zino
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Korean Automakers Post Huge U.S. Sales Gains as Disputed Free Trade Agreement Heads for Congressional Approval
Some of the biggest sales gains in May were posted by Korean automakers Hyundai (up 20.7% versus a year ago) and Kia (up 53.4%). Combined, the two Korean automakers sold more than 100,000 vehicles for the month. Korea is the fifth largest producer and fourth largest exporter of motor vehicles in the world.
However, Korea ranks at the very bottom — 30 out of 30 among the largest automotive markets — for auto market access. The average among major developed economies is 40% market penetration by imported automobiles, but in Korea, the total of import vehicles from all global manufacturers in all countries entering the Korean market is around 3.6%. This is about 40,000 vehicles in a market that buys roughly one million vehicles annually. Continue reading
General Motors to Build New Chevrolet Malibu in Korea
Korea ranks at the very bottom — 30 out of 30 among the largest automotive markets — for auto import market access. The average among major developed economies is approximately 40% market penetration by imported automobiles, but in 2006 in Korea, the total of import vehicles from all global manufacturers in all countries entering the Korean market was around 3.6%. This is about 40,000 vehicles in a market that buys roughly one million vehicles annually. Continue reading
UAW Defends Korean FTA as Other Unions Protest Deal
In a late Friday afternoon e-mail to its members and supporters, the United Auto Workers Union defended its endorsement of the revised and still controversial Korean FTA or so called Free Trade Agreement. The defense came after the heads of … Continue reading
Posted in auto news, economy
Tagged afl-cio, auto informed, autoinformed, autoinformed.com, cwa, eu korean fta, Ford, hyundai, Ken Zino, kia, Korean free trade agreement, Korean fta, richard trumka, trade, trade imbalances, u.s trade deficit, uaw, unemployment, usw, zino
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AFL-CIO Rejects Korean FTA. New Trade Policy Called For
The proposed Korean Free Trade Agreement (FTA) with the U.S. should be rejected by the Congress because its investment and government procurement provisions will encourage “offshoring,” according to AFL-CIO President Richard Trumka. His statement came after the Detroit Three auto companies … Continue reading
Posted in auto news, economy
Tagged afl-cio, auto informed, autoinformed, autoinformed.com, cwa, eu korean fta, Ford, hyundai, Ken Zino, kia, Korean free trade agreement, Korean fta, richard trumka, trade, trade imbalances, u.s trade deficit, uaw, unemployment, usw, zino
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