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Korea’s exports totaled US$3.89 billion, up 11.6 percent from April of last year.
Korea’s exports totaled US$3.89 billion, up 11.6 percent from April of last year.

 

Automobile exports grew for the third consecutive month in April as sales of environment-friendly cars and large-sized cars swelled. On the other hand, domestic car sales sank for the second consecutive month.

The Ministry of Commerce, Industry and Energy (MOCIE) said on May 16 that Korea’s exports totaled US$3.89 billion, up 11.6 percent from April of last year. The number of exports jumped 7 percent to 242,416 units. The export of eco-friendly cars such as the Ioniq and the Niro steadily expanded and the export of large-sized cars such as the EQ900, the Genesis G80 and the K7 also grew. By region, Korea chalked up increases in exports to all regions except for North America and Asia.

Domestic sales amounted to 133,527 units, down 3.1 percent from the same period last year due to a base effect stemming from last year's cut in the individual consumption tax.

Sales of domestic cars dwindled 4.6% due to the declining effects of new car launches and anticipations for the release of new models in the first half of the year, while import cars climbed 7.8% thanks to the launch of new import cars.

Production of cars edged up 3.8 percent to 382,566 units, driven up by export growth. Exports of automotive parts fell 10.4 percent to US$1.91 billion.

 

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