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S. Korea's auto exports rise for fourth straight month in May

All News 11:00 June 13, 2017

SEJONG, June 13 (Yonhap) -- South Korea's auto exports rose for four months in a row in May on an upturn in global demand, government data showed Tuesday.

The total value of vehicles shipped overseas reached US$3.51 billion last month, up 3.6 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.

The number has remained in positive terrain since February when it rebounded to a 5.3 percent rise from a 4.8 percent fall in the previous month.

Total vehicles shipped abroad also climbed 2.1 percent on-year to 221,237 units in May, following a 7 percent gain in the previous month.

Brisk overseas sales led the uptick last month, with $612 million worth of South Korea-made cars sold in the European Union, up 33.2 percent from a year earlier.

Shipments to Middle East countries rose 5.8 percent to $491 million, and those to Central and South America jumped 13.1 percent to $284 million.

But exports to North America sank 9.9 percent on-year to $1.4 billion last month, while sales in Asian nations tumbled 26.5 percent to $169 million.

Meanwhile, total output by five local automobile companies, including industry leader Hyundai Motor Co., retreated 1.5 percent on-year to 356,204 units last month mainly due to a decrease in domestic demand.

Domestic sales, including imported cars, backtracked 6.3 percent on-year to 155,735 units in the one-month period amid weak private consumption.

S. Korea's auto exports rise for fourth straight month in May - 1


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