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Exports of automobiles up 8.9 pct through July

Autos 09:52 August 04, 2019

SEOUL, Aug. 4 (Yonhap) -- South Korea's exports of automobiles moved up 8.9 percent in the first seven months of 2019 from a year earlier, industry data showed Sunday, led mostly by sport utility vehicle (SUV) models.

The country's combined exports of cars over the January-July period reached US$25.5 billion, marking the highest figure since $27.8 billion posted in 2015 for the same period, according to the data from the Ministry of Trade, Industry and Energy and the Korea Customs Service.

The increase was attributable to SUV models, whose exports jumped 9 percent on-year in the first half of 2019 to reach 749,383 units.

SUVs accounted for 62.8 percent of the country's car exports in the first six months of this year, rising sharply from 56.6 percent posted in 2017.

The outbound shipment of electric vehicles also reached $280 million in July, tripling from the same month last year, industry data also showed.

In the first 25 days of July, South Korea's exports of cars to the United States moved up 22 percent on-year to reach $1.13 billion.

Outbound shipments to the European Union also jumped 41.4 percent on-year on rising demand for electric vehicles.

Exports of automobiles up 8.9 pct through July - 1


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