April 26, 2024

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[THE INVESTOR] Korea’s auto exports increased in August from a year earlier on strong demand by new SUVs released by major automakers, government data showed on Sept. 12.

Total exports reached 174,869 units worth US$2.85 billion last month, up 2.1 percent compared with the previous year, according to the data compiled by the Ministry of Trade, Industry and Energy.  

Shipments to North America, one of Korea’s main auto markets, remained at the same level from a year earlier, and sales in the European Union, the second-largest market, dropped a sharp 25.7 percent.

In contrast, auto sales in non-EU member states and Asia surged over 32.4 percent and 36.1 percent, respectively.

The number of cars produced in the nation also rose a solid 8.1 percent on-year to 296,471 in August as industry leaders concluded labor agreements without major strikes.

Outbound shipments of auto parts inched up 0.5 percent to US$1.87 billion, led by upbeat sales in the United States and non-EU member states.

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