This file photo shows President Yoon Suk Yeol (R) speaking with Hyundai Motor Group Chairman Euisun Chung during his visit to the auto shipment pier of the carmaker’s plant in Ulsan, 299 kilometers southeast of Seoul, on March 9, 2023. (Pool photo) (Yonhap)
SEOUL, April 17 (Korea Bizwire) — South Korea’s car exports surged more than 60 percent on-year to reach an all-time high in March on the back of solid demand for eco-friendly cars, data showed Monday.
The value of outbound shipments of automobiles came to US$6.52 billion last month, up 64.1 percent from a year earlier, according to the data from the Ministry of Trade, Industry and Energy.
It is the highest monthly figure ever, surpassing the previous record of $5.6 billion set in February.
In terms of volume, exports jumped 48 percent on-year to 262,341 vehicles, the highest figure since December 2016, the data showed.
Strong global demand for eco-friendly vehicles led the overall brisk car sales.
The export value of eco-friendly cars soared 94.7 percent on-year in March to an all-time monthly high of $2.27 billion. The figure surpassed the $2 billion level in February for the first time ever.
In terms of volume, sales also reached an all-time high of 71,781 units last month by increasing 79.5 percent on-year.
Of the total, 34,379 units were electric vehicles, and 31,262 were hybrid models, with their sales rising 60.4 percent and 109.7 percent on-year, respectively, the data showed.
At home, sales of automobiles rose 19.6 percent on-year to 165,851 units in March, the data showed.
Domestic production also climbed 35.6 percent on-year to 409,806 units last month thanks to the smooth supply of automotive semiconductors, according to the ministry.
Of the major firms, production by Hyundai Motor Co. and its affiliate Kia Corp. grew 33.6 percent and 34.1 percent on-year, respectively.
(Yonhap)
