- Korea’s auto exports, production post year-on-year increases in H1 2019-07-16
The Ministry of Trade, Industry and Energy announced on July 16 that the Korea’s automobile exports in the first six months of this year rose 2.5 percent year-on-year to 1,246,454 vehicles. In value terms, exports improved 7.0 percent to USD 21.7 billion. This increase is largely attributable to greater demand for eco-friendly cars and sport utility vehicles (SUVs).
For green cars, outbound shipments jumped 30.1 percent to 112,093 units mainly due to increased sales in the U.S. and the EU.
The country’s automobile output from January to June reached 2,028,332 units, up 1.2 percent. This increase was largely a result of stronger sales of SUVs. The domestic car producers are Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, Renault Samsung Motors, Zyle Daewoo Bus, and Tata Daewoo.
Domestic sales of automobiles, on the other hand, dropped 3.7 percent to 867,380 units. Korean-made vehicles and imported vehicles experienced year-on-year decreases of 0.1 percent and 21.8 percent, respectively, in their local sales. In contrast, sales of environment-friendly cars in Korea grew 30.4 percent to 70,142 units.
Auto parts exports declined 2.3 percent to $11.3 billion. Regionally, increases were seen in shipments to North America (up 6.4 percent to $4.1 billion), Eastern Europe (up 21.5 percent to $1.1 billion), Africa (up 29.0 percent to $114 million), and Oceania (up 22.8 percent to $66 million). Decreases were experienced in shipments to the EU (down 0.9 percent to 2.1 billion), the Middle East (down 44.4 percent to $535 million), Central and South America (down 7.1 percent to $572 million), and Asia (down 9.3 percent to 2.7 billion).
In June alone, car exports totaled 216,793 vehicles, up 2.3 percent compared to the same period last year. In value terms, they posted a growth of 8.0 percent to $3.7 billion.
Exports of eco-friendly cars last month remained robust. Outbound shipments of hybrid electric vehicles, electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles improved 32.9 percent, 53.2 percent, 220 percent, and 980 percent, respectively.
Meanwhile, automobile production in June inched down 1.0 percent to 332,847 units.
June exports of auto parts fell 13.8 percent to $1.7 billion. By region, increases were seen in shipments to Eastern Europe (up 3.3 percent to $160 million), Africa (up 15.5 percent to $19 million), and Oceania (up 11.2 percent to $10 million). Decreases were experienced in those to North America (down 3.9 percent to $636 million), the EU (down 9.9 percent to $319 million), the Middle East (down 51.0 percent to $82 million), Central and South America (down 22.7 percent to $86 million), and Asia (down 23.6 percent to $408 million).