BUSINESS

Korea's auto exports jump 11.6% in April

By a2017001
  • Published : May 16, 2017 - 11:14
  • Updated : May 16, 2017 - 11:14

South Korea's auto exports gained ground for three straight months in April on increased global demand, government data showed Tuesday.

The total value of vehicles shipped overseas reached $3.89 billion last month, up 11.6 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.

The number of exported vehicles advanced 7 percent on-year to 242,416 units in April, a turnaround from a 4.7 percent drop the previous month.


The trade ministry said a recovery in overseas demand led the uptick last month with $674 million worth of South Korea-made cars sold in the European Union, up 60.3 percent from a year earlier.

Outbound shipments to the Middle East countries rose 9 percent to $524 million and those to Central and South America also gained 14.6 percent to $287 million.

But exports to North America slipped 3.3 percent on-year to $1.64 billion last month, while sales in Asian nations fell 4.6 percent to $200 million.

Meanwhile, total output by five local automobile companies, including industry leader Hyundai Motor Co., rose 3.8 percent on-year to 382,566 units last month on brisk exports.

However, domestic sales, including imported cars, backtracked 3.1 percent on-year to 153,578 units in the one-month period amid weak private consumption. (Yonhap)