South Korea’s auto exports increased 16.8 per cent from a year earlier in September, driven by robust demand for eco-friendly cars in Europe and Asia, data showed on Monday.
The value of outbound shipments of automobiles came to $6.41 billion last month, the highest figure for any September, according to the data from the Ministry of Trade, Industry and Resources, reports Yonhap news agency.
In terms of volume, exports gained 11 per cent on-year to 228,000 vehicles.
The value of accumulated auto exports from January to September reached an all-time high of $54.1 billion.
The ministry said demand for Korean cars went up in major regions, except for North America, where Korean cars are currently subject to 25 per cent tariffs by the administration of US President Donald Trump.
Exports to the European Union surged 52.8 per cent on-year to $958 million in September, while shipments to Asia spiked 62.3 per cent to $823 million.
Shipments to North America, however, shrank 5.3 per cent to $2.8 billion, with exports to the US dipping 7.5 per cent to $2.4 billion.
By type, exports of eco-friendly cars, such as electric vehicles (EVs), hybrid cars and hydrogen cars, soared 47.5 per cent from a year earlier to 90,496 vehicles last month.
It marked the first time monthly exports of eco-friendly cars topped 90,000 units, accounting for nearly 40 per cent of all auto exports.
In particular, shipments of hybrid cars jumped 55.7 per cent to 57,824 vehicles, and exports of EVs advanced 38.9 per cent to 29,288 units, rising for the fourth consecutive month.
At home, sales of automobiles went up 20.8 per cent on-year to 158,000 units last month, hitting the highest mark since November 2023.
Domestic EV sales shot up 135 per cent on-year to an all-time monthly high of 28,760 units.
The accumulated volume of EV sales here in the January-September period climbed 57.5 per cent to 170,000 units, already surpassing the annual sales of 142,000 posted last year, according to the data.
It also showed domestic production of cars climbed 8.9 per cent to 334,000 units in September as the number of working days increased from a year earlier.
This year, the Chuseok holiday fell in early October, whereas in 2024, it took place in September.
