SEJONG, Oct. 18 (Korea Bizwire) — South Korea’s exports of automobiles jumped nearly 60 percent last month from a year earlier on recovering demand from Europe and North America, government data showed Wednesday.
The total value of vehicles shipped overseas reached US$3.82 billion in September, up 57.6 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.
The number of vehicles sold abroad also soared 45.3 percent on-year to 226,479 units last month, marking the highest monthly increase since April this year.
The ministry attributed the brisk overseas sales to strong performances in big markets like North America and Europe.
A total of $1.4 billion worth of vehicles were sold in North America in August, up 52.7 percent from a year earlier, while shipments to the European Union shot up 120.9 percent on-year to $806 million.
Meanwhile, the combined output of five local automobile companies, including industry leader Hyundai Motor Co., rose 38.3 percent on-year to 356,749 units last month fueled by an increase in local and overseas sales.
Domestic sales, including imported cars, advanced 20.1 percent from the previous year to 154,518 units in September.