Auto exports by South Korean manufacturers increased by just 2% on a year earlier in May. That was slower than April’s 7% growth, and suggests a recovery from 2016’s declines has yet to fully take effect. Hyundai led the pack with exports accelerating to 10% growth from 9% a month earlier. The U.S. has been a refuge market for South Korean automakers, with exports to that market rising 26% in May (ie vehicles despatched in April). A marked drop in sales of imported autos in the U.S. in May suggests the South Korean automakers either need to cut production or face rising inventories.