Amid Slow Local Sales

The total automobile exports from Korea reached US$3.51 billion and 221,237 units last month, up 3.6% and 2.1% from a year ago,
The total automobile exports from Korea reached US$3.51 billion and 221,237 units last month, up 3.6% and 2.1% from a year ago,

 

The Ministry of Trade, Industry & Energy of Korea announced on June 13 that the total automobile exports from Korea reached US$3.51 billion and 221,237 units last month, up 3.6% and 2.1% from a year ago, respectively. The amounts increased for the fourth consecutive month, led by green cars such as Hyundai Ioniq and Kia Niro and compact SUVs like Hyundai Tucson and Chevrolet Trax. The value of exports increased in every region but North America and Asia.

On the contrary, Korean automakers’ domestic sales fell for the third consecutive month and totaled 155,735 units, down 6.3% from a year ago. This is because of the smaller number of business days of last month and the special consumption tax that was implemented last year to lead to high sales at that time.

Last month, imported car sales remained at a level close to that of a year ago, led by some brands that showed an excellent performance, whereas the sales of domestically produced cars showed a decline of 7.3% due to the sluggish sales of existing models and expectations for their follow-up models.

In May this year, Korean automakers produced a total of 356,204 cars, down 1.5% from a year earlier, due to the holiday season during the first two weeks of that month and so on. Likewise, auto parts exports fell 12.4% to US$1.85 billion.

 

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