A disproportionate free trade trade agreement between the UK and South Korean automotive industries has led to asymmetrical trade flow volumes, it has been claimed.

According to the European Automobile Manufacturers Association (EAMA), Korean exports have skyrocketed over the last year, while the country's imports of European products has remained fairly consistent.

Therefore, it would appear more needs to be done to promote UK vehicles overseas.

EAMA secretary general Ivan Hodac commented: "What is clear however is that European exports are being hampered by the continuing existence of automotive non-tariff barriers (NTBs)."

Meanwhile, research conducted by the Smith Institute on behalf of the Society of Motor Manufacturers and Traders revealed earlier this month that a shortage of available finance is limiting the expansion of firms in the UK automotive supply chain.

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Posted by Sarah Godfrey