Korea’s automobile exports totaled US$5.14 billion in July on the back of rising demand for Korean eco-friendly vehicles. It was the first time that the nation’s monthly automobile exports topped US$5 billion.
Korean automakers logged export increases in emerging as well as developed markets — 84.4 percent in Asia, 35.7 percent in North America, 14.1 percent in Latin America, 4.8 percent in the Middle East and 4.0 percent in the European Union.
Automobile exports in July totaled 223,633 units, up 23.1 percent from a year earlier. Korea’s monthly car exports exceeded 200,000 units for the first time in 28 months since March 2020.
Last month, eco-friendly car exports increased by 60.1 percent from a year ago to reach 54,222 units. The export value came in at US$1.47 billion, recording an increase for 19 consecutive months, an all-time record. Monthly exports of eco-friendly vehicles exceeded 50,000 units for the first time in July.
Electric vehicle sales from January to July in 2022 hit 314,000 units. Eco-friendly vehicles, including electric vehicles (1.4 million), accounted for 5.6 percent of the total registered vehicles in Korea.
Meanwhile, aggregate automobile sales in Korea totaled 143,293 units in July, down 3.0 percent from the same month last year. The drop was attributed to a 13.8 percent decline in imported car sales in July. Sales of Korean-made cars were 121,852 units, down 0.8 percent from 2021.
Automobile production in July stood at 324,668 units, an increase of 9.1 percent compared to the same month of last year, as a shortage of automotive semiconductors eased partially. The five domestic automakers posted an increase in production: Hyundai Motor Co. 3.4 percent, Kia Corp. 9 percent, GM Korea 17.4 percent, SsangYong Motor 34 percent and Renault Korea Motors 39.7 percent.