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Korea’s auto exports reached more than $5 billion in July

Portnews

Korea’s auto exports hit a record $5 billion in July, a new record in monthly auto exports, BusinessKorea said.
Korea’s auto exports totaled $5.14 billion in July, thanks to rising demand for Korean eco-friendly vehicles. It was the first time the country’s monthly auto exports exceeded $5 billion.

Last month, auto exports rose 25.3 percent from the same month last year, according to a report released Aug. 15 by the Ministry of Trade, Industry and Energy (MOTIE). Growth was led by environmentally friendly vehicles. The share of environmentally friendly vehicles in total auto exports reached 28.6 percent in July, up 6.4 percentage points from the same month last year.

Korean automakers recorded export increases in both emerging and developed markets – 84.4 percent in Asia, 35.7 percent in North America, 14.1 percent in Latin America, 4.8 percent in the Middle East and 4.0 percent in the European Union.

Auto exports totaled 223,633 units in July, up 23.1 percent from a year earlier. Korea’s monthly auto exports exceeded 200,000 units for the first time in 28 months since March 2020.

Last month, exports of eco-friendly cars rose 60.1 percent from a year ago to 54,222 units. The export value reached $1.47 billion, a record increase for 19 consecutive months. Monthly exports of environmentally friendly vehicles exceeded 50,000 units for the first time in July.

In July, domestic sales of eco-friendly cars reached 37,735 units, up 26.8 percent from the same month last year, the highest ever for July.

Electric vehicle sales from January to July in 2022 reached 314,000 units. Environmentally friendly vehicles, including electric vehicles (1.4 million), accounted for 5.6 percent of the total number of registered vehicles in Korea.

Meanwhile, total car sales in Korea were 143,293 units in July, down 3.0 percent from the same month last year. The drop was attributed to a 13.8 percent drop in sales of imported cars in July. Sales of Korean cars were 121,852 units, 0.8 percent less than in 2021.

Auto production was 324,668 units in July, up 9.1 percent from the same month last year as the shortage of semiconductors for the auto industry partially eased. The five domestic automakers posted an increase in production: Hyundai Motor Co. 3.4 percent, Kia Corp. 9 percent, GM Korea 17.4 percent, SsangYong Motor 34 percent and Renault Korea Motors 39.7 percent.