Auto exports fall 5.5% in Sept. amid Mideast tensions

Korea's automobile exports decreased by 5.5% in September compared to the previous year, according to data released by the Ministry of Trade, Industry and Resources on Monday. The decline was primarily attributed to ongoing tensions in the Middle East and a drop in sales of used cars due to stricter regulations in major export markets. The total value of automobile exports reached $6.05 billion, down from $6.4 billion a year ago.

Despite the overall decline, exports to North America and the European Union recorded growth, increasing by 9.2% and 15.3% respectively. These markets saw exports surge to $3.07 billion and $1.11 billion respectively. However, shipments to Asia and the Middle East experienced a significant drop, declining by 60% and 7.1% respectively. The exports of eco-friendly vehicles, such as battery electric and gasoline hybrid models, rose by 5.9% to $2.89 billion.

Meanwhile, domestic vehicle sales fell by 14.3% to 135,000 units in September. This decline was largely due to fewer working days, as the Chuseok holiday impacted production and sales.