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(LEAD) Auto exports jump 36 pct in August on popularity of eco-friendly cars

Corporate Newsroom 16:08 September 16, 2022

(ATTN: ADDS more details in paras 4-5, 10-15)

SEOUL, Sept. 16 (Yonhap) -- South Korea's car exports jumped 35.9 percent on-year in August on brisk global demand for eco-friendly cars, data showed Friday.

The value of outbound shipments of automobiles came to US$4.12 billion last month, the largest ever figure for any August, according to the data from the Ministry of Trade, Industry and Energy.

In terms of volume, a total of 168,155 vehicles were sold last month, up 29.1 percent from the previous year, it added.

By nation, exports to North America jumped 66.8 percent to $20.29 billion, and those to Asian nations and the Middle East jumped 98.7 percent and 35.6 percent on-year, respectively.

But exports to the European Union fell 8.8 percent on-year to $517 million, the data showed.

Rising demand for eco-friendly vehicles also led the overall growth.

The export value of eco-friendly cars surged 45.7 percent on-year in August to $1.22 billion, marking the 20th consecutive month of on-year growth.

A total of 40,215 units were sold last month, up 47 percent from the previous year, the data showed.

Eco-friendly cars accounted for 29.6 percent of the country's total car exports in terms of value in August, according to the data.

Exports of auto parts also increased 14.5 percent on-year to $1.81 billion last month, the data showed.

This file photo, taken Aug. 29, 2022, shows cars waiting to be shipped at Hyundai Motor Co.'s factory in the southeastern city of Ulsan. (Yonhap)

Domestic production also grew 21 percent on-year to 284,361 units in August, as the shortage of automotive chips over supply chain disruptions amid the COVID-19 pandemic has somewhat eased, according to the ministry.

The production of cars has been on a constant on-year rise since May, the data showed.

Domestic sales of automobiles also inched up 1 percent, ending a 19-month losing streak amid the delay in deliveries.

The turnaround came as demand for foreign brands jumped 9.1 percent to 27,045 units, particularly foreign electric models, including Tesla Inc. Domestic brands sold 104,593 cars combined, down 1.0 percent on-year, according to the ministry.

It marked the first time in 19 months that car exports, domestic demand and production logged an on-year growth at the same time.

graceoh@yna.co.kr
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