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Auto exports dip 10% in Nov. amid virus jitters

South Korea's auto exports (Yonhap)
South Korea's auto exports (Yonhap)
South Korea's auto exports dropped 10.2 percent on-year in November, falling at a faster pace compared with the previous month, amid the global resurgence of new coronavirus cases.

Local carmakers shipped a combined 190,657 units of automobiles overseas last month, according to the data compiled by the Ministry of Trade, Industry and Energy. In terms of value, exports rose 2.1 percent to $3.9 billion.

During the January-November period, the country sold 1,714,702 units of cars overseas, down 21.9 percent on-year.

Outbound shipments of cars had rebounded 14.8 percent on-year in September to snap five consecutive months of decline, helped by improved sales in North America.

Exports, however, again dipped 3.2 percent in October as the pandemic continued to strain the global demand.

Industry leader Hyundai Motor Co. saw its overseas sales drop 1.2 percent on-year in November due to the overall slump in global demand.

Hyundai's smaller sister Kia Motors Corp., on the other hand, saw its shipments advance 3.6 percent on the back of robust sales of eco-friendly models and SUVs.

Outbound shipments by GM Korea Co., the South Korean unit of General Motors Co., plunged 54.2 percent, feeling the pinch of its workers' strike.

Exports of SsangYong Motor Co. increased 71 percent, while those of Renault Samsung Motors Corp. crashed 88.7 percent on a base effect.

By destination, exports to North America advanced 7.5 percent and those to the European Union rose 2.5 percent. Shipments to Eastern European nations, however, slipped 8.3 percent.

Exports to Asian countries also decreased 4.4 percent on-year in November, the data showed.

South Korea's combined auto production fell 3.5 percent to reach 324,472 following labor disputes from GM Korea and Kia. Domestic sales inched up 7.5 percent to reach 171,228 over the period, the data showed. (Yonhap)
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