- Korea's auto exports drop, domestic sales rise in June 2020-07-14
The Ministry of Trade, Industry and Energy announced on July 14 that Korea’s automobile exports and output in June decreased 37.4 percent and 10.8 percent, respectively. Meanwhile, domestic sales jumped 41.9 percent to 205,709 units and hit record high.
The number of Korean vehicles produced by Korean automakers went down 10.8 percent to 297,019 units. The decrease was mainly attributable to a slowdown in overseas demand, but the decline eased compared to the past two months.
Auto exports in June dropped 37.4 percent to 132,514 units. Although car dealerships in key nations started to reopen for business, the unsold inventory at the overseas market led to the decline. The export value decreased by a smaller percentage (down 33.2 percent to $2.5 billion) than the export volume as the eco-friendly vehicles and sport utility vehicles (SUVs), which are high value-added vehicles, expanded their export share.
Outbound shipments of eco-friendly cars last month gained 36.2 percent to 25,064 units. Growth in exports was led by electric vehicles (EVs), which spiked 174.8 percent to 13,515 units. EVs posted the 35th consecutive month of year-on-year export growth and achieved a record-high number of units sold overseas for three straight months. Fuel cell electric vehicles (FCEVs) also soared 329.6 percent to 232 units.
Domestic sales in June rose 41.9 percent to 205,709 vehicles. This is the fourth consecutive month of increase and the highest number of domestic sales in history. Sales of locally produced cars gained 41.6 percent to 175,023 units, and those of imported vehicles improved 43.9 percent to 30,686 units.
Local sales of green cars went up 59.3 percent to 21,861 units and reached the highest number of domestic green car sales in history on the back of hybrid electric vehicles (HEVs, up 71.9 percent to 16,034 units), EVs (up 40.3 percent to 4,759 units), and plug-in hybrid electric vehicles (PHEVs, up 42.0 percent to 751 units).
Auto parts exports in June contracted 44.7 percent to $950 million.