The Korea Herald


Auto exports up 15% in July on strong eco-friendly car sales

By Yonhap

Published : Aug. 17, 2023 - 11:26

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Cars are lined up for shipment at Hyundai Motor's Ulsan Plant in August 2022. (Newsis) Cars are lined up for shipment at Hyundai Motor's Ulsan Plant in August 2022. (Newsis)

South Korea's car exports jumped 15 percent on-year in July on the back of solid global demand for eco-friendly cars, the industry ministry said Thursday.

The value of outbound shipments of automobiles came to $5.9 billion last month, compared with $5.14 billion a year earlier, according to data from the Ministry of Trade, Industry and Energy.

It is the highest figure for any July, it added.

During the first seven months of 2023, auto exports surged 41 percent on-year to $41.55 billion, and it is the shortest period for the country to see car exports surpass the $40 billion mark.

Auto exports have logged double-digit on-year growth for 13 consecutive months.

Strong global demand for eco-friendly vehicles led the overall growth of car exports.

The export value of eco-friendly cars advanced 36 percent on-year to $2 billion in July.

In terms of volume, exports jumped 10.4 percent on-year to 59,799 eco-friendly vehicles last month, meaning one out of every four South Korean cars sold in the global market was an eco-friendly one.

Domestic production rose 8.8 percent on-year to 352,972 units in July on the back of the smooth supply of automotive semiconductors.

At home, however, car sales fell 5 percent to 136,089 units last month. It was the first time since August 2022 that domestic sales have marked an on-year decline. (Yonhap)