Auto exports set new record, rising 7% in July

Korea's automobile exports surged 7 percent in July, breaking a new record high, according to data released by the Ministry of Trade, Industry and Resources. The total value of automobile shipments reached $6.24 billion, marking a significant increase compared to the previous year. Among these exports, eco-friendly vehicles played a pivotal role, with their combined value surging by 25.5 percent, reaching $2.59 billion.

This growth was further fueled by a robust uptick in sales to North America and the European Union, with exports to these regions climbing 18 percent and 23.5 percent, respectively, totaling $3.25 billion and $880 million. Domestically, the market saw a modest rise in vehicle sales, with 139,000 vehicles sold last month, marking a 0.5 percent increase compared to the same period last year.

The number of locally produced vehicles climbed 11.3 percent to 352,000. Interestingly, six out of every ten vehicles sold domestically were eco-friendly models, including electric, hybrid, and other environmentally conscious options. The government's efforts to manage the volatility in the automobile sector during this transitional phase towards future mobility have been significantly bolstered by these export figures.