Auto exports growth sharply slows in Q3 on chip woes

All News 10:13 October 29, 2021

SEOUL, Oct. 29 (Yonhap) -- The growth of South Korea's exports of autos sharply slowed in the third quarter from three months earlier as disruptions of the global supply of auto chips dented vehicle output, data showed Friday.

The country's outbound shipments of cars came to US$9.7 billion in the July-September period, up 4.2 percent from the previous year, according to the data compiled by the Korea Customs Service.

Autos accounted for some 7 percent of South Korea's exports.

The third-quarter growth sharply decelerated from a 71.9 percent on-year gain in the second quarter.

Imports of autos increased 12.2 percent on-year to $3 billion last quarter, the data showed.

Exports of eco-friendly autos, including hybrid models and electric cars, remained robust. Shipments of such vehicles jumped 54.3 percent on-year to a record $2.8 billion.

By country, auto exports to Russia rose 39 percent on-year to $548 million, and those to Britain increased 59.6 percent to $506 million. But auto exports to the United States declined 16.3 percent to $3.75 billion.

The South Korean economy is on a recovery track on the back of robust exports.

Exports, which account for half of the economy, remain solid despite global supply chain disruptions. The country's overseas shipments grew 16.7 percent on-year in September, extending their gains to the 11th straight month.