South Korea's Automotive Export Sees Consecutive Growth Amid Steady Demand
South Korea's automotive export witnessed its fourth consecutive month of growth, fueled by robust demand from Europe and Asia, according to data released by the Ministry of Trade, Industry and Energy. The solid demand for eco-friendly vehicles and increased exports to the European Union and Asia offset the decline in US demand due to tariffs. As a result, car shipment reached 6.41 billion US dollars in September, representing a 16.8 percent increase from the same period last year.
Key Takeaways:
- The consecutive growth in automotive export was attributed to higher demand for eco-friendly vehicles, which saw a 22.9 percent increase in shipment to 2.67 billion dollars in September.
- Auto export to the European Union (EU) and Asia spiked in double digits, reaching 958 million dollars and 823 million dollars, respectively, in September.
- The number of exported vehicles rose 11.0 percent to 228,153 in September, while auto parts shipment increased 6.0 percent to 1.92 billion dollars.
- The number of vehicles manufactured in local factories increased 8.9 percent to 334,319 in September on a yearly basis.
- Auto export to the United States decreased by 7.5 percent to 2.38 billion dollars in September.
- Shipment of eco-friendly sedans accounted for a significant portion of the growth, with a 22.9 percent increase in September.
Statistics:
- Car shipment in September reached 6.41 billion US dollars, a 16.8 percent increase from the same period last year.
- The number of exported vehicles increased by 11.0 percent to 228,153 in September.
- Auto parts shipment climbed 6.0 percent to 1.92 billion dollars in September.
- The number of vehicles manufactured in local factories rose 8.9 percent to 334,319 in September.
- Auto export to Europe and Asia increased by double digits, reaching 958 million dollars and 823 million dollars, respectively.
- Shipment of eco-friendly sedans saw a 22.9 percent increase in September, reaching 2.67 billion dollars.
Sources:
- Ministry of Trade, Industry and Energy, South Korea
- HT Digital Content Services, United News of India