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Auto exports in May expand 57.5% 2021-06-14

The Ministry of Trade, Industry and Energy announced on June 11 that Korea’s automobile output and exports in May grew 10.9 percent and 57.5 percent, respectively.

Meanwhile, domestic sales contracted 10.1 percent.

The number of vehicles produced by Korean automakers went up 10.9 percent to 256,272 units. The growth in automobile production was mostly attributable to a significant increase in outbound shipments.

Over the same period, exports jumped 57.5 percent to 150,894 units. The base effect from last year’s impacts of the outbreak of COVID-19 pandemic and stronger demand for key car models such as the XM3 led the growth. The export value surged 93.7 percent to $3.5 billion thanks to robust demand for green cars and the Genesis brand.

Green car exports rose 36.5 percent to 27,607 units. The export value went up by a greater percentage (up 69.4 percent). Hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs) improved 97.9 percent to 12,624 units, 56.4 percent to 4,256 units, and 97.2 percent to 142 units, respectively.

Meanwhile, domestic sales contracted 10.1 percent to 151,699 units despite increases in green car sales. The number of locally-produced cars dipped 14.5 percent to 123,813 units. Those of imported vehicles recorded 27,886 units, up 15.8 percent.

Environment-friendly cars sold in Korea expanded 56.5 percent to 26,983 units and went up for 16 straight months. Electric vehicles (EVs) hit the record-high monthly sale of 9,223 units (up 258.6 percent). HEVs (up 7.7 percent to 14,961 units), PHEVs (up 301.4 percent to 2,043 units), and FCEVs (up 180.0 percent to 756 units) also saw year-on-year increases.

Outbound shipments of auto parts spiked 182.2 percent to $1.8 billion despite production adjustments. Consumer sentiment rebounded in major overseas markets such as the United States (U.S.), the European Union (EU), and China.

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