South Korea Auto Exports Fall 5.9 Percent in May
South Korea's automotive exports declined for a second straight month in May due to production disruptions and fewer business days.
South Korean automotive exports fell 5.9% year-on-year to $5.83 billion in May, marking the second consecutive monthly decline. The Ministry of Trade, Industry and Resources attributed the downturn to fewer business days and manufacturing disruptions caused by a fire at a local auto parts supplier.
Shipments to the United States, European Union, and Asia decreased, though exports to Oceania and Africa grew by 20.1% and 16.1% respectively. Eco-friendly vehicles continued to drive growth, with exports increasing 9.9% to $2.4 billion.
Domestic production dropped 8.2% to 329,559 units. Renault Korea Motors Co. saw the steepest production decline at 46.5%, followed by Hyundai Motor Co. at 12%, KG Mobility at 8%, and General Motors Korea at 6.6%. Domestic sales also fell 10.3% to 127,315 vehicles. The ministry expects production and exports to gradually improve in June as supply chains normalize.
