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Auto exports, production post growth in November 2018-12-13

The Ministry of Trade, Industry and Energy announced on December 13 that Korea's automobile exports and production in November posted growth compared to the same period last year.
Exports of automobiles grew 1.6 percent to 238,357 units from a year earlier due to higher shipments of newly launched models to North America and Europe. In terms of value, automobile shipments to North America went up 0.2 percent to $1.7 billion, and those to the EU and non-EU European countries increased 3.3 percent to $746 million and 47.4 percent to $322 million, respectively. Car exports to Asia also climbed up 4.5 percent to $246 million.
Meanwhile, automobile exports to the following regions declined: the Middle East (down 29.2 percent to $375 million), Oceania (down 2.8 percent to $257 million), Central and South America (down 15.2 percent to $233 million), and Africa (down 18.1 percent to $147 million).

Eco-friendly cars shipped overseas gained 12.2 percent to 22,398 units on the back of higher demand for electric vehicles. Shipments of hybrid cars, however, saw a slight decrease.

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) inched up 2.2 percent to 390,573 units. Last month, the number of working days was the same as that in November 2017.

From January to November this year, the number of finished cars manufactured in Korea amounted to 3,671,784 vehicles. As long as there is no disruption such as strikes, the annual production is projected to reach about 4 million units.

The value of outbound shipments of auto parts inched down 0.6 percent to $2.0 billion. Even though parts exports to North America and Europe grew, those to Asia and the Middle East decreased.

The number of vehicles sold in Korea fell 0.4 percent to 162,748 units. While domestic sales of locally produced cars shrank 0.7 percent to 138,612 units, those of imported vehicles went up 1.6 percent to 24,136 units. Meanwhile, the number of eco-friendly cars sold in the country jumped 35.5 percent to 15,776 units with sales of hydrogen cars, electric vehicles, and hybrid automobiles all posting growth.

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