Auto exports fall 5.5% in Sept. amid Mideast tensions
Completed vehicles are lined up for export at a port in Pyeongtaek, Gyeonggi Province, April 21, 2020. Newsis
Korea's automobile exports fell 5.5 percent in September from a year earlier due to persistent tensions in the Middle East and a decline in used-car shipments, government data showed Monday.
The value of automobile exports fell to $6.05 billion last month from $6.4 billion a year earlier, the Ministry of Trade, Industry and Resources said in a press release.
"Escalating tensions in the Middle East and a decline in used-car shipments due to tighter regulations in major export markets weighed on exports," the ministry said.
By region, exports to North America and the European Union increased 9.2 percent and 15.3 percent, respectively, to $3.07 billion and $1.11 billion.
Shipments to Asia and the Middle East on the other hand plunged 60 percent and 7.1 percent, respectively, to $330 million and $350 million.
Exports of eco-friendly vehicles, including battery electric and gasoline hybrid models, meanwhile, rose 5.9 percent to $2.89 billion.
Domestic vehicle sales fell 14.3 percent to 135,000 units last month due to fewer working days driven by the Chuseok holiday.
The number of locally produced vehicles rose 3.7 percent to 347,000 as productivity improved at major automakers following wage agreements with labor unions.
The government will support the automobile industry's sustainable growth through close engagement with the industry as competition from Chinese automakers intensifies, the ministry said.