S. Korea's auto exports edge down in Q1

Economy 10:22 April 28, 2022

SEOUL, April 28 (Yonhap) -- South Korea's exports of autos inched down in the first quarter from a year earlier amid the continued shortage of auto chips and global supply chain disruptions, customs data showed Thursday.

The country's outbound shipments of cars came to US$10.93 billion in the January-March period, down 0.6 percent from the previous year, according to the data from the Korea Customs Service.

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

The tally compared with a 4.3 percent on-year gain in the fourth quarter of last year.

Despite the overall fall in auto exports, shipments of eco-friendly autos, including hybrid models and electric cars, remained solid.

Exports of eco-friendly autos jumped 48.3 percent on-year to $3.6 billion last quarter, the second-highest amount.

By country, auto exports to the United States fell 1.5 percent on-year to $4.6 billion and those to Canada declined 17.2 percent to $789 million.

South Korea's imports of autos rose 4.6 percent to $3 billion, the data showed.

The South Korean economy has been on a recovery track on the back of robust exports. But it faces heighten economic uncertainty as high inflation threatens to curb economic growth.

The International Monetary Fund recently lowered its 2022 growth outlook for the South Korean economy to 2.5 percent, while raising its inflation projection to 4 percent.