SEOUL, Aug 19 (NNN-YONHAP) – South Korea’s automotive export, grew for the second consecutive month, due to strong demand from Europe and Asia, government data showed today.
Car shipment gained 8.8 percent from a year earlier, to 5.83 billion U.S. dollars in July, after increasing in single digits in the previous month, according to the Ministry of Trade, Industry and Energy.
The consecutive growth was attributable to higher demand for eco-friendly vehicles, as well as, robust demand from Europe and Asia, that offset lower U.S. demand, caused by the U.S. tariffs imposition.
Auto export to the United States declined 4.6 percent to 2.33 billion dollars, but those to the European Union (EU) and Asia spiked in double figures.
Shipment of eco-friendly sedans expanded 10.7 percent to 2.05 billion dollars in July, compared to the same month of last year.
The number of exported vehicles stood at 211,854 in July, up 5.8 percent from a year earlier. Auto parts shipment decreased 7.2 percent to 1.92 billion dollars.
The number of vehicles, manufactured in local factories, advanced 8.7 percent to 316,295 in July, on a yearly basis.
The number of cars sold inside the country, including locally-made and imported vehicles, was 138,503 in July, up 4.6 percent from a year earlier.– NNN-YONHAP
