Korea's auto exports hit record $6.24 billion in July
Republic of Korea's car exports hit a record high in July, exceeding $6.2 billion, thanks to a 7% year-on-year increase to $6.24 billion, surpassing the previous record of $5.9 billion set in Jul...
Korea's automotive exports reached a record high of $6.24 billion in July, marking a 7% increase compared to the same month last year, according to the Ministry of Trade, Industry and Energy. This surpasses the previous record set in July 2023, which stood at $5.9 billion. The report from Yonhap News Agency highlighted that environmentally friendly vehicles played a significant role in this surge, with their exports rising by 25.5% to $2.59 billion, constituting 41.5% of the total export value.
The majority of these exports were directed towards North America, with a 18% increase, reaching $3.25 billion. The European Union also experienced a boost, seeing a 23.5% rise in exports to $880 million. However, there were declines in exports to Asia (-27.1%) and Central and South America (-7.4%). Exports to the Middle East grew by 12.7%, amounting to $430 million.
Domestic car sales showed a modest increase of 0.5%, totaling 139,000 units for the month. Notably, sales of environmentally friendly vehicles reached 84,000 units, making up 60% of the total domestic car sales.
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