Korean auto exports rise 16.8% in September

The Republic of Korea’s auto exports increased 16.8 per cent from a year earlier in September, driven by robust demand for eco-friendly cars in Europe and Asia, data showed Monday.

The value of outbound shipments of automobiles came to $6.41 billion last month, the highest figure for any September, according to the data from the Ministry of Trade, Industry and Resources.

In terms of volume, exports gained 11 per cent on-year to 228,000 vehicles, reported Yonhap News Agency.

The value of accumulated auto exports from January to September reached an all-time high of $54.1 billion.

Exports to the European Union surged 52.8 per cent on-year to $958 million in September, while shipments to Asia spiked 62.3 per cent to $823 million. Shipments to North America shrank 5.3 per cent to $2.8 billion, with exports to the US dipping 7.5 per cent to $2.4 billion.

By type, exports of eco-friendly cars, such as electric vehicles (EVs), hybrid cars and hydrogen cars, soared 47.5 per cent from a year earlier to 90,496 vehicles last month. It marked the first time monthly exports of eco-friendly cars topped 90,000 units, accounting for nearly 40 per cent of all auto exports.

Meanwhile the Republic of Korea’s exports went down 15.2 per cent from a year earlier in the first 10 days of October, data showed on Monday.

Outbound shipments reached $13 billion between 1st and 10th October, down from $15.3 billion in the same period last year, according to the data from the Korea Customs Service.

Despite the overall drop, average daily exports jumped 33.2 per cent on-year, the data showed. Imports dropped 22.8 per cent on-year to $13.5 billion during the period, resulting in a trade deficit of $500 million.

WAM