Auto exports set new record, rising 7% in July

South Korea's automobile exports hit a record high of $6.24 billion in July, marking a 7% increase compared to the same period last year, according to data released by the Ministry of Trade, Industry and Resources on Thursday. The surge was primarily fueled by a strong demand for environmentally friendly vehicles, with eco-friendly autos alone surging 25.5% to $2.59 billion, a significant 25.5% rise from the previous year.

The growth in exports to North America and the European Union was particularly notable, with shipments to these regions expanding by 18% and 23.5% respectively, reaching a combined total of $3.25 billion and $880 million. Domestically, the country sold 139,000 vehicles last month, which represents a modest 0.5% increase from the year prior. Production of locally manufactured cars increased by 11.3% to 352,000 units.

Remarkably, six out of every ten vehicles sold within South Korea's domestic market were either electric, gasoline hybrid, or other eco-friendly models. The government's strategy to navigate uncertainties in the automobile industry during this pivotal period of transition towards future mobility involves maintaining close communication with the industry.