Korean automakers feared to face drop in exports to Brazil
Seoul - Yonhap
South Korean automakers, led by Hyundai Motor Co. and Kia Motors Corp., are expected to see their exports to Brazil drop on the South American country's recent steps to shield its manufacturing industry from a strong currency, Seoul's trade ministry said Wednesday. Brazil said last month it will raise a key tax on industrial products for automakers whose vehicles do not have at least 65 percent of their components produced locally by 30 percentage points, in an attempt to discourage imports and stimulate domestic production.
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