The Ministry of Industry, Trade and Energy of Korea released the “October Automotive Industry Trends” today. South Korea’s auto exports rose 30.2% in the same period last month, and the value of exports rose 28.5% year-on-year, due to strong demand for new energy vehicles, the report showed.
According to reports, South Korea exported 208,544 vehicles in October, an increase of 30.2% over the same period last year. The export value reached 4.92 billion US dollars, a year-on-year increase of 28.5%, a record high for the same period of the previous year.
In addition, South Korea’s export volume and export value have maintained double-digit growth for four consecutive months. Looking at new energy vehicles alone, the export volume increased by 36.1% year-on-year to 52,279 units. Exports rose 27.1 percent to $1.45 billion, the second-highest monthly record over the years. It accounted for 25.1% of the total export volume of automobiles, a record high.
By region, South Korea’s exports to North America rose 60.2 percent to $2.38 billion, while exports to the European Union also rose 12.4 percent year-on-year to $743 million. In addition, South Korea’s exports to Asian countries surged 91.1% to $446 million, while sales to Middle Eastern and Latin American countries also rose 4.1% and 13%, respectively.
South Korea’s Ministry of Environmental Protection said that new energy vehicles accounted for 25.1 percent of the country’s total auto exports, the highest ever. Exports of auto parts also rose 3.1 percent year-on-year to $1.84 billion last month, data showed.
Domestic production rose 24.2% year-on-year to 327,486 units last month, due to a low base effect and an easing of automotive semiconductor shortages, it said.
Among major companies, Hyundai Motor Co. and its subsidiary Kia saw production increases of 11.7 percent and 19.6 percent, respectively. Domestic car sales in South Korea in October increased by 15.2% year-on-year to 144,363 units.
Data show that sales of new energy vehicles in South Korea in October increased by 16% year-on-year to 39,612 units. South Korea has sold about 365,000 new energy vehicles in the first 10 months of this year, a figure that has surpassed all of 2021.
