The Korea Herald


Auto exports up 19.1% in May on solid demand for eco-friendly cars

By Yonhap

Published : June 15, 2022 - 11:27

    • Link copied

This file photo provided by Hyundai Motor shows the Tucson SUV. (Hyundai Motor) This file photo provided by Hyundai Motor shows the Tucson SUV. (Hyundai Motor)

South Korea's car exports rose 19.1 percent in May from the previous year on the back of global popularity of eco-friendly cars, data showed Wednesday.

Outbound shipments of automobiles stood at 182,869 units last month, compared with 150,894 units a year earlier, according to the data from the Ministry of Trade, Industry and Energy.

In terms of value, auto exports grew 18.9 percent on-year to $4.15 billion last month, which is a record-high figure for May.

Car exports marked on-year growth for the second consecutive month in May despite a tight global supply of automotive chips and the delayed distribution of car parts around the globe amid the COVID-19 pandemic.

The upbeat sales overseas were attributable to solid demand for eco-friendly cars.

Exports of eco-friendly vehicles spiked 45.1 percent on-year to 44,854 units. In terms of value, sales jumped 46.1 percent on-year to reach $1.28 billion, the data showed.

Eco-friendly cars accounted for 25.8 percent of the country's total car exports in terms of volume, according to the ministry.

Exports of auto parts also increased 7.6 percent on-year to $1.96 billion last month thanks to the growth in demand from the US market, the data showed.

Domestic production also went up 19.8 percent on-year to 307,048 units in May due mainly to a low base effect. The country began experiencing the shortage of automotive chips in May last year amid the COVID-19 pandemic, which has disrupted production, according to the ministry.

Domestic sales of automobiles, however, fell 4.1 percent on-year to 145,464 unit amid the continued delay in deliveries. But the May reading marked the highest monthly figure so far this year, the ministry said. (Yonhap)