Auto exports up 19.1 pct in May on solid demand for eco-friendly cars – Yonhap News Agency

June 15, 2022 by No Comments

SEOUL, June 15 (Yonhap) — South Korea’s car exports rose 19.1 percent in May from the previous year on the back of global popularity of eco-friendly cars, data showed Wednesday.

Outbound shipments of automobiles stood at 182,869 units last month, compared with 150,894 units a year earlier, according to the data from the Ministry of Trade, Industry and Energy.

In terms of value, auto exports grew 18.9 percent on-year to US$4.15 billion last month, which is a record-high figure for May.

Car exports marked on-year growth for the second consecutive month in May despite a tight global supply of automotive chips and the delayed distribution of car parts around the globe amid the COVID-19 pandemic.

The upbeat sales overseas were attributable to solid demand for eco-friendly cars.

Exports of eco-friendly vehicles spiked 45.1 percent on-year to 44,854 units. In terms of value, sales jumped 46.1 percent on-year to reach $1.28 billion, the data showed.

Eco-friendly cars accounted for 25.8 percent of the country’s total car exports in terms of volume, according to the ministry.

Exports of auto parts also increased 7.6 percent on-year to $1.96 billion last month thanks to the growth in demand from the U.S. market, the data showed.

Domestic production also went up 19.8 percent on-year to 307,048 units in May due mainly to a low base effect. The country began experiencing the shortage of automotive chips in May last year amid the COVID-19 pandemic, which has disrupted production, according to the ministry.

Domestic sales of automobiles, however, fell 4.1 percent on-year to 145,464 unit amid the continued delay in deliveries. But the May reading marked the highest monthly figure so far this year, the ministry said.

Source: https://en.yna.co.kr/view/AEN20220615004100320

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