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Korea’s auto industry sees advancement in production and exports in H1 2021-07-15

The Ministry of Trade, Industry and Energy announced on July 15 that Korea’s automobile output and exports in the first six months of 2021 posted year-on-year increases of 11.5 percent and 27.9 percent, respectively.

In particular, exports recorded double-digit growth (up 27.9 percent to 1,049,658 units) for the first time since the first half of 2012. In value terms, exports jumped 49.9 percent to $23.6 billion.

Green car exports expanded 37.1 percent to 172,921 units, the highest number on record.

By region, exports to all major destinations improved: North America (up 39.7 percent to $10.8 billion), the EU (up 56.3 percent to $4.2 billion), Eastern Europe (up 80.2 percent to $2.7 billion), the Middle East (up 0.9 percent to $1.7 billion), Central and South America (up 124.6 percent to $1.0 billion), Africa (up 87.3 percent to $319 million), Oceania (up 111.3 percent to $1.5 billion), and Asia (up 64.9 percent to $1.4 billion).

Auto parts exports to all major regions went up as well: North America (up 60.6 percent to $3.7 billion), the EU (up 51.7 percent to $2.0 billion), the Middle East (up 14.3 percent to $410 million), Central and South America (up 38.6 percent to $1.3 billion), Asia (up 28.4 percent to $3.0 billion), Eastern Europe (up 45.5 percent to $1.0 billion), Africa (up 42.2 percent to $33 million), Oceania (up 210.9 percent to $55 million).

Korea’s automobile production from January to June amounted to 1,814,510 units, up 11.5 percent from the same period last year. The growth was mainly attributable to newly released car models.

Meanwhile, domestic sales edged down 2.1 percent to 910,904 units.

In June alone, the number of vehicles produced by Korean carmakers moved up 9.7 percent to 325,763 units.

Over the same period, exports jumped 38.1 percent to 174,964 units. The export value went up by a greater percentage (up 62.5 percent to $4.1 billion). Sport utility vehicles (SUVs) led the expansion in outbound shipments.

Green car exports gained 7.7 percent to 26,618 units. Hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs) increased 24.0 percent to 11,108 units and 73.1 percent to 3,760 units, respectively.

Meanwhile, domestic sales contracted 19.4 percent to 165,759 units. The number of locally-produced cars lost 23.2 percent to 134,378 units. Those of imported vehicles recorded inched up 2.3 percent to 31,381 units.

Domestic sales of green cars saw a 57.2 percent increase to 34,894 units, reaching the record-high monthly sale.

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