September Auto Exports Total $6.05 Billion, Down 5.5% Amid Weak Used-Car Exports

North American exports up 9.2%, EU exports up 15.3%... Asia down 60%
New-vehicle exports total 237,000 units, up 4.1%

Yonhap News Agency

Automobile export value fell 5.5% last month from a year earlier. Exports of new vehicles and shipments to North America and the European Union (EU) increased, but a decline in used-car exports amid the Middle East war and tighter regulations in major countries dragged down the overall export value.

The Ministry of Trade, Industry and Energy said on October 19 that automobile exports in September totaled $6.052 billion, down 5.5% from the same month a year earlier. The number of vehicles exported rose 4.1% over the same period to 237,443.

By region, exports to North America, the key market, increased 9.2% year over year to $3.072 billion. Of that amount, exports to the United States rose 7.8% to $2.562 billion. Exports to the EU also increased 15.3% to $1.105 billion.

By contrast, exports to Asia plunged 60.0% to $329 million. Exports to the Middle East also fell 7.1% to $354 million. The ministry said the decline was affected by reduced used-car exports amid the Middle East war and tighter regulations in major countries.

Exports of eco-friendly vehicles continued to grow. Their export value in September rose 5.9% year over year to $2.893 billion. The number of eco-friendly vehicles exported also increased 9.2% to 98,803.

By vehicle type, hybrid exports increased 15.0% to 66,516, while electric vehicle exports rose 5.8% to 30,994. In terms of export value, hybrid vehicles increased 8.8% to $1.84 billion, while electric and hydrogen vehicles rose 1.1% to $1.05 billion.

The domestic market was weak. Domestic automobile sales in September fell 14.3% from a year earlier to 135,396 vehicles. The Chuseok holiday, which fell in October last year but in September this year, reduced the average number of business days by three. Other factors included weaker electric vehicle sales due to pent-up demand for new models and the exhaustion of subsidies.

Sales of domestically produced vehicles fell 19.4% to 99,157, while imported vehicle sales rose 3.9% to 36,239. Hyundai Motor sales fell 25.7% to 49,022, while Kia sales declined 6.6% to 45,963.

Domestic sales of eco-friendly vehicles fell 4.4% to 79,665, but accounted for about 59% of all domestic automobile sales. Electric vehicle sales rose 10.4% to 31,768, while hybrid vehicle sales fell 11.1% to 46,229.

Production increased. Domestic automobile production in September rose 3.7% year over year to 346,618 vehicles. Production recovered from disruptions following the resolution of wage negotiations at major automakers, while a base effect from strikes at some companies last year also contributed to the increase.

By company, GM Korea production increased 69.1% to 41,005 vehicles. Hyundai Motor production fell 0.3% to 153,741, while Kia production declined 0.7% to 136,586.

Cumulative automobile exports from January through September this year totaled $52.065 billion, down 3.7% from the same period a year earlier. By contrast, eco-friendly vehicle exports over the same period rose 16.5% to $22.554 billion.

The ministry said global competition is intensifying as Chinese automakers expand their presence in overseas markets. It said it plans to stay in close communication with the industry and pursue support for the automobile sector's sustained growth.

This content was produced with the assistance of AI translation services.