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Korea’s auto exports post double-digit growth in July 2019-08-19

The Ministry of Trade, Industry and Energy announced on August 15 that July exports of Korean automobiles grew 11.6 percent to 215,927 vehicles compared to the same period last year. In value terms, outbound shipments increased 21.6 percent to USD 3.8 billion. This expansion in exports was largely attributable to improved sales of sport utility vehicles (SUVs) and eco-friendly cars in North America and the EU.

For environment-friendly vehicles, exports jumped 102.3 percent to 25,063 units. These green cars include hybrid vehicles, electric vehicles, plug-in hybrid electric vehicles, and hydrogen fuel-cell vehicles.

Korea’s automobile output last month totaled 359,554 units, up 17.4 percent. In particular, the number of SUVs produced increased 23.8 percent to 185,795 from a year earlier. The local automakers are Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, Renault Samsung Motors, Zyle Daewoo Bus, and Tata Daewoo.

Meanwhile, domestic sales of automobiles slipped 2.4 percent to 151,091 units. Local sales of Korean-made cars fell 2.0 percent to 129,463 units, and those of imported cars dropped 4.8 percent to 21,628 units. The number of eco-friendly vehicles sold in Korea rose 23.0 percent to 12,421 units.

Auto parts exports inched up 1.9 percent to $2.1 billion. By region, increases were experienced in shipments to North America (up 10.2 percent to $787 million), Central and South America (up 12.2 percent to $105 million), Eastern Europe (up 1.0 percent to $177 million), and Oceania (up 24.6 percent to $12 million). Decreases were seen in exports to the EU (down 3.9 percent to $383 million), the Middle East (down 9.6 percent to $101 million), Asia (down 5.4 percent to $474 million), and Africa (down 2.2 percent to $20 million).

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