- Auto exports, production, domestic sales all expand in August 2018-09-14
The Ministry of Trade, Industry and Energy announced on September 12 that Korea's automobile exports, production, and domestic sales in August all expanded compared to the same period last year.
Exports of finished vehicles grew 2.1 percent year-on-year to 174,869 units. In terms of value, they inched up 0.5 percent to USD 2.9 billion. This is attributable to increased sales of newly launched sports utility vehicles (SUVs) and demand growth in Middle Eastern and non-EU European countries. In addition, overseas shipments of eco-friendly cars, such as hybrid cars and electric cars, advanced 25.7 percent to 15,926 units.
By region, automobile shipments to North America remained unchanged to $1.1 billion. Those to the Middle East inched up 1.9 percent to $304 million, Asia jumped 36.1 percent to $189 million, non-EU European countries expanded 32.4 percent to $236 million, and Africa soared 83.2 percent to $128 million. Meanwhile, sales to three other regions fell: Oceania (down 3.6 percent to $190 million), Central and South America (down 0.5 percent to $210 million), and the EU (down 25.7 percent to $454 million).
Outbound shipments of auto parts also rose 0.5 percent to $1.9 billion. Despite a decrease in exports to Asia and the EU, a sales boost in North American and non-EU European countries led to overall growth.
The number of domestic vehicles produced by Korea's seven manufacturers (Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, Renault Samsung Motors, Zyle Daewoo Bus, and Tata Daewoo) climbed up 8.1 percent to 296,471 units due to recovery of domestic sales and exports, as well as the wage agreement reached between employers and workers at the major auto companies.
Domestic sales of Korean-made cars and imported cars went up 5.0 percent to 146,086 units largely because of a tax reduction on passenger cars and newly introduced SUVs. More specifically, sales of domestically produced cars rose 4.1 percent to 125,289 units, while those of imported vehicles grew 11.2 percent to 20,797 units. In addition, the number of eco-friendly cars sold in Korea jumped 9.5 percent to 8,640 units.