- Automobile exports edge down 3.4 percent in August 2019-09-18
The Ministry of Trade, Industry and Energy announced on September 18 that Korean automobile exports inched down 3.4 percent to 164,154 vehicles from a year earlier. The drop in exports is largely attributable to fewer working days. In value terms, however, exports advanced 4.6 percent year-on-year to USD 3.0 billion.
Automobile output totaled 249,390 units, down 15.9 percent. The local automakers are Hyundai Motor, Kia Motors, GM Korea, Ssangyong Motor, Renault Samsung Motors, Zyle Daewoo Bus, and Tata Daewoo.
Domestic sales of automobiles went down 6.3 percent to 136,944 vehicles with those of Korean-made cars falling 6.5 percent to 117,018 units. The number of imported cars sold in Korea dropped 4.6 percent to 19,926 units as sales of Japanese-brand cars decreased 56.9 percent.
For green cars, outbound shipments jumped 23.8 percent to 19,166 units. Increases were seen in exports of electric vehicles (EVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs). Domestic sales of environmentally friendly cars, on the other hand, fell 9.4 percent to 8,564 units. While sales of PHEVs and FCEVs improved, those of EVs and hybrid electric vehicles (HEVs) slowed down.
Exports of auto parts declined 5.2 percent to $1.8 billion as shipments to the EU, the U.S., and China decreased amid an economic slowdown in the eurozone and the U.S.-China trade dispute. Decreases were experienced in exports to the following destinations: North America (down 3.9 percent to $652 million), the EU (down 11.9 percent to $330 million), the Middle East (down 14.7 percent to $76 million), Central and South America (down 18.3 percent to $75 million), Asia (down 1.0 percent to $452 million), and Oceania (down 5.9 percent to $9 million). Meanwhile, parts exports to Eastern Europe and Africa improved 1.7 percent to $163 million and 1.4 percent to $16 million, respectively.