• South Korea’s automobile exports rose 5.8% year-over-year to a record $6.71 billion in June, the highest value ever recorded for the month, according to the Ministry of Trade, Industry and Resources.
  • Eco-friendly vehicle exports surged 35.4% to 102,554 units, the first time monthly shipments of hybrids and EVs have exceeded 100,000 vehicles.
  • Hybrid vehicle exports jumped 48.7% to 72,878 units, while electric vehicle exports rose 24.4% to 27,823 units.
  • Exports to North America increased 12.3% to $3.61 billion, with U.S. shipments rising 10.8% to $2.98 billion despite continued trade pressure.

Eco-friendly vehicle shipments exceed 100,000 for first time in single month

South Korea’s automobile exports rose 5.8% from a year earlier to $6.71 billion in June, the highest value ever recorded for the month, the Ministry of Trade, Industry and Resources said Wednesday. The figure was also up 15% from May.

Export volume increased 9.8% year-over-year to 268,169 vehicles, while domestic sales rose 9.5% to 159,725 vehicles and production increased 11.6% to 394,210 vehicles. Compared with May, production rose 19.6%, domestic sales climbed 25.5% and export volume grew 16.5%.

The ministry attributed the gains partly to a recovery in domestic demand and the restoration of alternative supplies for components that had disrupted vehicle production.

North America and the European Union led the export growth. Exports to North America rose 12.3% from a year earlier to $3.61 billion, and exports to the United States increased 10.8% to $2.98 billion despite continued trade pressure. Exports to the European Union climbed 13.7% to $869 million.

Eco-friendly vehicles accounted for much of the increase. Shipments of hybrids, electric vehicles and plug-in hybrids rose 35.4% to 102,554 vehicles, exceeding 100,000 in a single month for the first time. The export value of eco-friendly vehicles increased 31.3% to $2.9 billion, accounting for about 43% of South Korea’s total automobile exports in June.

Hybrid vehicle exports surged 48.7% to 72,878 units, while electric vehicle shipments rose 24.4% to 27,823 units. By value, hybrid exports climbed 38.6% to $1.97 billion, and combined exports of electric and hydrogen-powered vehicles increased 18.1% to $940 million. Exports of plug-in hybrid vehicles fell 57.6% to 1,850 units, and South Korea exported three hydrogen-powered vehicles, down 72.7% from a year earlier.

The figures indicate that hybrids are helping South Korean automakers maintain export growth as the pace of electric vehicle adoption varies among international markets.

The strong June performance did not fully reverse weakness during the first half of the year. South Korea produced 2.11 million vehicles from January through June, virtually unchanged from the same period last year. Domestic sales rose 2.5% to 847,630 vehicles, while export volume increased 2.1% to 1.44 million. The value of automobile exports during the six-month period declined 1.1% to $35.95 billion. Eco-friendly vehicle exports increased 23.9% to $15.35 billion, but the gain was not enough to offset factors including a decline in used-car exports.

The report was originally published by Asia Today and translated by United Press International.