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Auto exports up 4.6 pct in Aug.

All News 13:38 September 16, 2019

SEOUL, Sept. 16 (Yonhap) -- South Korea's exports of automobiles moved up 4.6 percent in August from a year earlier on robust demand for electric vehicles (EVs) and sport utility vehicles (SUVs), industry data showed Monday.

The value of outbound car shipments was US$2.98 billion last month, marking on-year growth for the fifth consecutive month, according to the data compiled by the Korea Automobile Manufacturers Association.

It was the first time in more than two years that auto exports had increased on-month for five consecutive months.

But on a monthly basis, the value of auto exports declined last month from the previous month's $3.82 billion, the data showed.

Auto exports also remained firm this month by rising a whopping 20 percent on-year in the first 10 days, separate data from the Korea Customs Service showed.

The stellar exports of autos came on the back of rising demand for premium EV and SUV models from the United States and Europe, industry watchers said.

Hyundai Motor Co. sold 5,115 units of its flagship SUV, the Palisade, in the U.S. last month, up from 4,464 units a month earlier.

South Korea's overall exports of EVs reached $252 million, growing more than twofold since last year, the data showed.

By volume, however, the country's combined exports of cars edged down 3.4 percent on-year in August to 164,154 units.

Auto exports up 4.6 pct in Aug. - 1


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