- Exports of Korean eco-friendly cars increase 8.2% in October 2019-11-15
The Ministry of Trade, Industry and Energy announced on November 14 that the Korean automobile industry’s green car exports improved 8.2 percent year-on-year to 23,555 vehicles in October. Overall auto exports, however, decreased 10.2 percent to 208,714 vehicles from a year earlier. In value terms, car exports slipped 2.3 percent to USD 3.8 billion.
Automobile output fell 7.9 percent to 351,409 units, but this figure is higher than this year’s average monthly production, which is 326,670 units. The year-on-year decrease was largely due to the base effect from October 2018 when the industry saw an improvement in earnings. These vehicles were manufactured by the following local automakers: Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, Renault Samsung Motors, Zyle Daewoo Bus, and Tata Daewoo.
Car sales in Korea slipped 2.1 percent to 157,461 units. The Korean producers sold 132,794 units within the country, down 3.9 percent, while foreign auto sales totaled 24,667 units, up 8.7 percent. For environmentally friendly cars, domestic sales dropped 11.6 percent to 11,799 vehicles with those of imported vehicles sliding 73.1 percent. Local sales of Korean eco-friendly cars, on the other hand, climbed 13.6 percent.
Auto parts exports went down 6.3 percent to $2.0 billion, following decreased shipments to North America (down 6.3 percent to $723 million), the EU (down 11.2 percent to $366 million), Asia (down 7.3 percent to $504 million), and Eastern Europe (down 10.3 percent to $191 million). Meanwhile, growth was seen in exports bound for the Middle East (up 2.0 percent to $100 million), Central and South America (up 11.9 percent to $96 million), Africa (up 24.4 percent to $21 million), and Oceania (up 15.8 percent to $12 million).