South Korean car exports rise 8.6% in August
On September 16 / WAM / Data showed today, Tuesday, that South Korean car exports increased by 8.6% in August compared to the previous year, despite American customs duties, thanks to the strong demand for electric cars in Europe.
The value of car exports amounted to 5.5 billion US dollars last month, which is the highest number registered for either August, according to the data of the Ministry of Trade, Industry and Energy.
In terms of size, exports increased by 5.5% on an annual basis to reach 200 thousand and 317 cars last month. The cumulative value of auto exports from January to August reached its highest level ever at $ 47.7 billion.
The ministry announced that the demand for Korean cars has risen in all regions, with the exception of North America, as Korean cars are currently undergoing customs duties by 25% by the administration of US President Donald Trump.
Exports to the European Union jumped by 54% on an annual basis to reach 792 million US dollars last month, with shipments to Germany and the Netherlands at 118.7% and 110.3%, respectively. Exports to Britain increased by 115.7% on an annual basis to reach $ 250 million, and 96.1% to Türkiye to reach $ 100 million.
Exports to Asia increased by 9.3% to reach 591 million US dollars, and to the Middle East by 9.8% to reach 369 million US dollars. Exports to Oceania jumped by 20.1% to $ 344 million.
Korean car shipments to North America decreased by 8.3% on an annual basis to reach $ 2.55 billion in August, with exports to the United States decreased by 15.2% to $ 2.1 billion.
According to the type, exports of environmentally friendly cars, such as electric cars, hybrid cars and electric hydrogen cars, increased by 26.6% compared to the previous year to reach 69 thousand cars last month; The cargo of electric cars jumped by 78.4% to 23,000 cars, in light of the global popularity of the Kia -3, and the Hyundai Casper electric model, which is sold in the name of “Inster” in the foreign markets.
In the local market, car sales increased by 8.3% on an annual basis to reach 139 thousand units, recording growth for the seventh month in a row.
According to the ministry, environmentally friendly cars formed more than half of the cars sold in South Korea in August, recording an increase of 36.1% compared to the previous year.
In August, the local auto production increased by 7.1% to 321 thousand units, supported by local exports and sales.
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