Seoul, Dec. 3 -- South Korea's car exports are projected to decline this year for the first time in five years, as per a report by Pulse, the English service of Maeil Business News Korea.

According to industry sources on Wednesday, the Korea Automobile & Mobility Industry Association estimates annual car exports at around 2.71-2.72 million units, down about 2.3 to 2.6 per cent from last year's 2.782 million units.

From January to October, Korea shipped 2.254 million vehicles overseas.

KAMA forecasts that roughly 230,000 units will be shipped overseas in the remaining two months.

This would mark the first drop in annual car exports since 2020, when the Covid-19 pandemic began. Exports had increased each year since, rising from approxim...