Auto exports jump 28 pct in October on solid demand for eco-friendly cars

All News 11:00 November 11, 2022

SEOUL, Nov. 11 (Yonhap) -- South Korea's car exports jumped 28.5 percent on-year last month on brisk demand for eco-friendly cars, data showed Friday.

The value of outbound shipments of automobiles came to US$4.92 billion last month, the largest ever for any October, according to the data from the Ministry of Trade, Industry and Energy.

In terms of volume, a total of 208,544 vehicles were sold last month, up 30.2 percent from the previous year, the data showed.

By region, exports to North America jumped 60.2 percent to $2.38 billion, and exports to the European Union also advanced 12.4 percent on-year to $743 million.

Exports to Asian nations surged 91.1 percent to $446 million, and sales in the Middle East and the Latin American nations also added 4.1 percent and 13 percent, respectively, according to the data.

The brisk sales were on the back of rising demand for eco-friendly vehicles.

The export value of eco-friendly cars climbed 27.1 percent on-year in October to $1.45 billion, marking the 22nd consecutive month of on-year growth.

It is also the second-largest monthly figure after July 2022 when the country sold $1.47 billion worth of eco-friendly vehicles, the data showed.

In terms of volume, a total of 52,279 eco-friendly units were sold last month, up 36.1 percent on-year.

Eco-friendly cars accounted for 25.1 percent of the country's total car exports in terms of volume, which marked the largest ever proportion, the ministry said.

Exports of auto parts also went up 3.1 percent on-year to $1.84 billion last month amid eased supplies of automotive semiconductors and the growth in demand for domestic vehicles, according to the data.