- Korea’s auto exports, domestic sales, production all grow at double-digit rates in October 2018-11-12
The Ministry of Trade, Industry and Energy announced on November 12 that Korea's automobile exports, domestic sales, and production in October all posted double-digit year-on-year growth rates because of more working days last month.
Exports of automobiles recorded 230,086 units, up 32.2 percent from the same period last year. In terms of value, they jumped 35.7 percent to USD 3.9 billion. This is attributable to greater demand for newly launched sports utility vehicles (SUVs) and eco-friendly cars in major export markets, such as North America and Europe. Overseas shipments of green cars expanded 80.5 percent to 21,160 vehicles, surpassing the 20,000-unit mark for the first time.
By region, automobile shipments to North America surged 66.8 percent to $1.7 billion and those to the EU grew 22.9 percent to $732 million. The other export markets that saw increases were non-EU European countries (up 120.9 percent to $335 million), Asia (up 17.9 percent to $213 million), and Africa (up 72.6 percent to $134 million). Meanwhile, exports bound for the following regions contracted: Central and South America (down 0.4 percent to $227 million), the Middle East (down 7.1 percent to $389 million), and Oceania (down 10.8 percent to $209 million).
Outbound shipments of auto parts also rose 36.9 percent to $2.2 billion largely due to a sales boost in most export destinations, including North America and Europe.
Domestic sales of vehicles improved 23.6 percent to 160,881 units on the back of more working days and a tax reduction. While those of locally produced cars advanced 22.9 percent to 138,184 units, those of imported vehicles increased 27.6 percent to 22,697 units. The number of eco-friendly cars sold in Korea also jumped 67.5 percent to 13,326 units.
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 36.0 percent to 381,595 units, the highest monthly record so far this year. This growth in production was mostly driven by increased exports and domestic sales.