This file photo taken Sept. 16, 2022, shows the export lot of Hyundai Motor Co. in the southeastern city of Ulsan, packed with cars waiting to be shipped. (Image courtesy of Yonhap)
SEJONG, Apr. 11 (Korea Bizwire) – South Korea’s auto exports moved up 2.7 percent on-year in the first quarter of 2024 on the back of strong demand for eco-friendly models, data showed Thursday.
The combined value of car shipments came to US$17.5 billion in the January-March period, with the export volume reaching 690,000 units, according to the Ministry of Trade, Industry and Energy.
In March alone, however, auto exports came to $6.16 billion, down 5 percent from a year earlier.
Domestic production declined 10.8 percent on-year to 365,497 units in March, due to fewer working days.
Car sales at home also decreased 12 percent to 146,019 units, although the demand for hybrid and electric models maintained solid growth by rising 24 percent and 16 percent on-year, respectively.
North America was the No. 1 export destination for South Korean cars in March, with sales going up 13.4 percent to $3.56 billion.
Shipments to the European Union, however, lost 24.7 percent to $800 million, with those to other European nations decreasing 23.6 percent to $411 million.
Exports to Asian countries decreased 18.2 percent to $405 million, the data also showed.
“The government will spare no efforts to address the challenges of the automobile industry, ensuring it maintains robust export momentum this year,” the ministry said in a statement.
The country’s car exports hit an all-time high in 2023 at $70.9 billion.
(Yonhap)
