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)
