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Auto exports edge down 2.9%, export value rises 12.3% in July 2021-08-18
The Ministry of Trade, Industry and Energy announced on August 18 that Korea’s automobile output, domestic sales, and exports went down 13.9 percent, 9.6 percent, and 2.9 percent, respectively.

However, in value terms, the export value increased 12.3 percent to $4.1 billion, posting double-digit growth for seven straight months.

Declines in production and exports are attributable to a high base effect from last year’s expansion and fewer working days (down 2 days) this year.

Vehicles produced by Korean automakers lost 13.9 percent to 297,585 units. Automotive chip shortages and construction at Hyundai Motor’s Asan plant led to the fall in output.

Domestic sales dipped 9.6 percent to 147,697 units as new car releases decreased compared to the same period last year. Sales of locally produced cars contracted 14.1 percent 122,833 units, while those of imported cars gained 21.9 percent to 24,864 units.

Green cars sold within Korea jumped 65.7 percent to 29,821 units. Hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and electric vehicles (EVs) advanced significantly, up 51.4 percent to 20,600 units, up 117.1 percent to 1,409 units, and up 140.6 percent to 7,322 units, respectively.

Outbound shipments edged down 2.9 percent to 181,046 units. Midsize and fullsize vehicles increased, but sport utility vehicles (SUVs), which account for 68.5 percent of total exports, went down due to lower shipments of the Kona and the Trailblazer.

Exports of eco-friendly vehicles saw a 27.4 percent rise to 34,571 units, the highest monthly export on record. Green cars accounted for 20.0 percent of total exports, HEVs (up 40.0 percent to 17,357 units) and PHEVs (up 116.7 percent to 5,061 units) leading the growth.

The value of auto parts shipped overseas recorded $2.0 billion, climbing up 35 percent from the same period last year.

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