South Korea Automotive Exports Rise 5.8 Percent in June

The South Korean Ministry of Trade, Industry and Energy reported that automotive exports grew 5.8 percent year-on-year in June, reaching 6.71 billion U.S. dollars. This growth ended a two-month decline and was primarily fueled by a 31.3 percent surge in eco-friendly vehicle exports, including electric, hybrid, and fuel cell models, which totaled 2.90 billion dollars.

Shipments to the United States and the European Union saw double-digit increases, though exports to the Middle East and Asia declined. Total vehicle exports rose 9.8 percent to 268,169 units. In contrast, shipments of auto parts fell 2.4 percent to 1.74 billion dollars.

Domestic activity also saw gains during the period. Production increased 11.6 percent to 394,210 vehicles, while domestic car sales grew 9.5 percent to 159,725 units.