- Automobile exports post double-digit growth in January 2018-02-19
The Ministry of Trade, Industry and Energy announced on February 13 that automobile exports surged 10.4 percent to 196,835 vehicles from a year earlier in January.
In terms of value, car exports grew 9 percent year-on-year to USD 3.2 billion, thanks to increased shipments to most regions, except North America and other Asian countries. This growth was supported by the growing popularity of compact sports utility vehicles (SUVs) and eco-friendly cars. The number of green vehicles shipped overseas in January reached 13,673, up 35.7 percent from a year ago.
The number of domestic vehicles produced by seven manufacturers (Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, Renault Samsung Motors, Zyle Daewoo Bus, and Tata Daewoo) climbed 8.2 percent year-on-year to 322,408 because of two more working days in January this year compared to the same month in 2017 despite partial strikes at some of the car producers.
Automobile sales in Korea also saw a year-on-year increase of 8.5 percent, posting 134,139 units. While domestic sales of Korean cars expanded 5.6 percent to 112,174 units, those of imported cars grew 26.9 percent to 21,965 units. In addition, the number of environmentally-friendly cars sold in Korea soared 73.9 percent to 7,484.
Meanwhile, exports of automobile parts fell 6.5 percent to $1.8 billion. Shipments to North America and other Asian countries decreased due to reduced car production at Korean car companies’ manufacturing plants in those regions, while those to the Middle East, non-EU European countries, and Central and South America increased.