South Korea Records Surge in Auto Exports for Third Month
(MENAFN) South Korea’s automotive exports increased for the third consecutive month in August, fueled by strong demand from Europe, government figures revealed Tuesday.
According to the Ministry of Trade, Industry and Energy, shipments of vehicles rose 8.6 percent year-over-year to reach $5.50 billion in August, following steady single-digit gains in June and July.
This sustained expansion was driven by a surge in eco-friendly vehicle sales and vigorous European market demand, which helped counterbalance a significant decline in shipments to the United States caused by American tariff policies.
Exports to the U.S. fell 15.2 percent to $2.10 billion, whereas deliveries to the European Union and other European countries surged by double-digit percentages, hitting $792 million and $547 million respectively.
Eco-friendly sedan exports jumped 29.3 percent to $2.17 billion compared to August of last year.
The total number of vehicles exported reached 200,317 units in August, marking a 5.5 percent increase from the previous year. In contrast, shipments of automotive parts dropped 8.8 percent to $1.67 billion.
Domestic vehicle production also rose 7.1 percent annually to 321,008 units in August. Meanwhile, total car sales within South Korea—including both domestic and imported models—increased 8.3 percent year-over-year to 138,809 units.
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