S. Korea Automobile Exports Climb 8.8 Percent in July
(MENAFN) South Korea’s automobile exports climbed for the second straight month in July, fueled by surging demand from Europe and Asia, according to government data released Tuesday.
The Ministry of Trade, Industry and Energy reported that outbound shipments of vehicles rose 8.8% year-on-year to $5.83 billion, building on modest single-digit gains recorded the previous month.
Officials cited rising global interest in eco-friendly models and robust demand from the European Union and Asia as key drivers, which helped counterbalance falling exports to the United States.
The ministry stated that the continued growth was driven by rising demand for eco-friendly vehicles and strong sales in Europe and Asia, which helped counteract a decline in U.S. exports due to the imposition of tariffs.
Exports to the U.S. dropped 4.6% to $2.33 billion in July, hurt by trade tensions and tariff-related barriers. In contrast, sales to the EU and Asia posted strong double-digit growth, though exact figures were not disclosed.
Demand for eco-friendly sedans remained particularly strong, with shipments jumping 10.7% year-over-year to $2.05 billion.
The total number of cars exported rose 5.8% to 211,854 units in July, while the output from domestic factories increased 8.7% to 316,295 units.
Meanwhile, exports of auto parts slipped 7.2% to $1.92 billion.
Domestic vehicle sales — including both Korean-made and imported models — reached 138,503 units, marking a 4.6% increase from a year earlier.
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