SEJONG, Jul. 28 (Korea Bizwire) — Exports of South Korea-made passenger cars rose 7.2 percent in the second quarter of this year thanks to solid demand from emerging countries, customs data showed Friday.
The total value of passenger car exports reached US$10.3 billion over the April-June period, up from $9.64 billion tallied a year earlier, according to the data by the Korea Customs Service (KCS). It marked a turnaround from a nearly 3 percent drop in the first quarter.
But imports sank 15.6 percent on-year to $2.5 billion from $2.96 billion over the cited period.
From three months earlier, outbound shipments of automobiles moved up 9.6 percent from $9.43 billion, with imports soaring 35 percent from $1.85 billion.
The number of exported cars edged up 1.4 percent on-year to 700,000 units during the three-month period, while 80,000 units were imported, down 18.1 percent from a year ago.
The customs agency attributed the second-quarter rebound to a sharp rise in demand from oil-rich countries on the back of rising crude prices.
Passenger car exports to the United Arab Emirates shot up 124.5 percent on-year and those to Iran surged 115.4 percent, while car sales in Europe and Russia also vaulted 85.2 percent and 46.5 percent, respectively, over the same period.