This photo, provided by the Incheon Port Authority on March 18, 2024, shows cars awaiting shipment overseas at a port in the western city of Incheon. (Image courtesy of Yonhap)
SEOUL, May 8 (Korea Bizwire) – South Korea’s auto exports climbed 10.3 percent in April from a year earlier, data showed Wednesday, on the back of strong demand for eco-friendly cars from North America.
The combined value of car shipments came to US$6.8 billion last month, beating the previous record of $6.53 billion tallied in November 2023, according to the Ministry of Trade, Industry and Energy.
In terms of volume, car exports advanced 8.8 percent on-year to reach 271,147 units in April.
The ministry attributed the gains to the strong performance of eco-friendly cars, with the sector’s exports jumping 11.6 percent over the period to hit $2.29 billion, also setting a new record.
North America was the No. 1 export destination for South Korean cars last month, with sales jumping 36.6 percent on-year to $4 billion.
Shipments to the European Union, on the other hand, slid 25.3 percent to $753 million, and those to Asian countries decreased 15 percent to $443 million.
Domestic production, meanwhile, moved up 3.5 percent to 394,457 units. Local sales shed 5.5 percent over the period to 141,110 units, the data also showed.
The government plans to roll out various measures to bolster automobile exports, aiming for an annual target of $75 billion, the ministry added.
(Yonhap)
