Auto exports set new record by growing 5.8% in June
Automobiles awaiting export can be seen at Pyeongtaek Port in Gyeonggi Province, Feb. 22. Yonhap
Korea's auto exports rose 5.8 percent in June from a year earlier to reach a record high, fueled by strong electric and hybrid vehicle sales, data showed Wednesday.
The combined value of automobile exports came to $6.79 billion last month, according to data from the Ministry of Trade, Industry and Resources, setting a new record for any June.
Outbound shipments to North America, Latin America and the European Union shot up 12.3 percent, 5.1 percent and 13.7 percent, respectively.
The ministry said exports of eco-friendly automobiles maintained solid growth, surging 31.3 percent on-year to $2.9 billion.
Domestically, 159,725 vehicles were sold last month, up 9.5 percent. Sales of locally manufactured cars rose 3 percent to 120,229, while those of imported cars jumped 35.6 percent to 39,496 units.
The data also showed that domestic automobile production added 11.6 percent on-year to 394,210 units.
Production at Hyundai Motor and Kia rose 10.9 percent and 16.2 percent, respectively.
Production at GM Korea, the Korean unit of General Motors, and KG Mobility rose 3.4 percent and 21.2 percent, respectively. Production by Renault Korea Motors, on the other hand, fell 29.6 percent.
The industry ministry said Korea's automobile industry is expected to face various uncertainties, including labor-management relations, the expanding global sales of Chinese automakers and the transformation in the manufacturing sector driven by artificial intelligence (AI).
"By closely communicating with the industry, we plan to monitor trends in exports and production, and proactively seek support for the stable growth of the automobile sector, including its transition to future mobility," it added.