Auto exports up 12.4 pct in April on popularity of eco-friendly cars – Yonhap News Agency

May 16, 2022 by No Comments

SEOUL, May 16 (Yonhap) — South Korea’s car exports grew 12.4 percent in April from the previous year on the back of global popularity of eco-friendly cars, data showed Monday.

Outbound shipments of automobiles stood at 196,780 units last month, compared with 175,015 units a year earlier, according to the data from the Ministry of Trade, Industry and Energy.

In terms of value, auto exports also rose 6.1 percent on-year to US$4.4 billion last month.

Car exports rebounded in April, one month after falling for the first time in five months due to a tight global supply of automotive chips and the delayed distribution of car parts across the globe amid the COVID-19 pandemic.

April’s upbeat sales overseas were attributable to solid demand for eco-friendly cars.

Exports of eco-friendly vehicles spiked 40.2 percent on-year to hit an all-time high of 47,953 units. In terms of value, the sales of such cars as electric vehicles surged 42.4 percent on-year to reach the record high level of $1.32 billion, the data showed.

Eco-friendly cars accounted for 25.3 percent of the country’s total car exports, according to the ministry.

Exports of auto parts, however, fell 4.8 percent on-year to $1.94 billion last month, the ministry noted.

At home, both domestic production of and demand for automobiles logged an on-year fall in April.

The country produced 306,462 units of cars last month, down 5.3 percent from the same month a year earlier, as China’s lockdown of major cities to curb the pandemic had disrupted supplies of parts, according to the ministry.

Domestic sales of vehicles also fell 11.1 percent from a year earlier to come to 143,167 units in April due mainly to a higher base effect and the delay in deliveries.



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