Auto Exports Rise 31 pct in Q1 on Robust Demand | Be Korea-savvy

Auto Exports Rise 31 pct in Q1 on Robust Demand


This file photo, taken April 1, 2021, shows cars produced by Hyundai Motor Co. to be shipped for export on a dock in Ulsan, 414 kilometers southeast of Seoul. (Yonhap)

This file photo, taken April 1, 2021, shows cars produced by Hyundai Motor Co. to be shipped for export on a dock in Ulsan, 414 kilometers southeast of Seoul. (Yonhap)

SEOUL, April 28 (Korea Bizwire)South Korea’s exports of autos grew 31.4 percent on-year in the first quarter on the back of brisk shipments of sedans and eco-friendly vehicles, data showed Wednesday.

The country’s outbound shipments of cars came to $11 billion in the January-March period, compared with $8.37 billion the previous year, according to the data compiled by the Korea Customs Service.

Imports of autos rose 21.8 percent on-year to $2.9 billion, the data showed.

Overseas shipments of sedans and eco-friendly vehicles remained solid in the first quarter, the customs office said. Autos accounted for some 7 percent of South Korea’s exports.

Shipments of eco-friendly autos, including hybrid models and electric cars, jumped 72.6 percent on-year to a record of $2.42 billion last quarter, the data showed.

By country, auto exports to the United States rose 26.9 percent on-year to $4.7 billion and those to Canada jumped 34.7 percent to $953 million.

The country’s exports remain robust on the back of strong demand for chips and autos.

Exports, which account for half of the country’s economy, rose 16.6 percent on-year in March to extend their gains for the fifth consecutive month. Overseas shipments grew 12.7 percent on-year to $146.7 billion in the first quarter.

(Yonhap)

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>