South Korea's auto exports surge on EV demand

South Korea’s automotive exports grew in single digits last month, driven by robust demand for eco-friendly vehicles, government data showed on Wednesday.

Car shipments increased by 2.2 percent year-on-year to 6.37 billion U.S. dollars in March, according to the Ministry of Trade, Industry and Resources, News.Az reports, citing foreign media.

This marked the second-highest March figure, supported by strong demand for eco-friendly vehicles.

Exports of eco-friendly models surged 36.0 percent to 2.74 billion dollars in March compared with the same period a year earlier.

Eco-friendly vehicles include electric vehicles, fuel cell electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles.

Exports to the US declined by 1.0 percent to 2.75 billion dollars, while shipments to the European Union rose sharply by 33.0 percent to 1.03 billion dollars.

Exports to Asia and the Middle East fell in double digits amid ongoing tensions in the Middle East.

The total number of exported vehicles reached 259,635 in March, up 7.8 percent from a year earlier. Auto parts exports decreased by 2.4 percent to 1.80 billion dollars.

Domestic production also increased, with vehicles manufactured in local factories rising 4.5 percent to 387,227 units last month.

Meanwhile, total car sales within the country, including both locally produced and imported vehicles, stood at 164,813 in March, up 10.2 percent year-on-year.

News.Az 

By Nijat Babayev