Auto exports drop 29.8% in Aug. on fewer working days, strikes

Korea's auto exports plummeted 29.8% in August compared to the previous year, according to data released on Thursday by the Ministry of Trade, Industry and Resources. The decline was attributed to fewer working days and disruptions in production due to strikes. The total value of automobile shipments decreased to $3.85 billion from $5.49 billion a year earlier.

This drop was mainly due to summer holidays resulting in fewer working days and production losses from strikes at certain car manufacturers. Exports to North America and the European Union fell by 28.2% and 16.8%, respectively, reaching $1.84 billion and $659 million. Exports to Asia and the Middle East saw a significant decrease of 41.9% and 23.6%, amounting to $343 million and $234 million.

Additionally, the number of vehicles exported dropped by 26.9% to 146,000 units compared to the previous year. Domestically, 110,000 vehicles were sold last month, marking a 20.8% decline from the previous year. The number of locally produced vehicles also decreased by 35.8% to 206,000. Interestingly, six out of every ten vehicles sold in the domestic market were all-electric.