April 26, 2024

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[THE INVESTOR] Korea’s automobile exports slipped in April from a year earlier on tepid sales in the North American market and General Motors’ cutting back production ahead of a planned plant shutdown, government data showed on May 17.

Korea exported 220,273 vehicles worth US$3.55 billion last month, down 8 percent compared with a year ago, according to the data compiled by the Ministry of Trade, Industry and Energy.

Overseas sales of Korean autos continued to show a downward trend as major markets, including the United States, Middle East and Latin America, posted lackluster performance.

Shipments to North America, one of Korea’s main auto markets, sank 15.3 percent on-year on feeble demand and intensifying competition from other global brands.

Europe was the only bright spot for Korean autos. Exports to the European Union and non-EU states grew 10.6 percent and 41 percent, respectively, over the period.

In contrast, exports of auto parts rose 6.6 percent on-year to US$2.03 billion thanks to strong demand in China and other emerging markets.

Domestic sales of locally produced vehicles edged up 1.4 percent on-year to 133,575 units last month, while those of imported brands soared 24.4 percent to 27,167 units as German luxury cars continued to gain popularity among local consumers, the ministry said.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)