Seoul: South Korea's car exports experienced a slight increase from a year earlier in March, primarily fueled by rising demand from Asian countries, according to data released Tuesday.
According to Yonhap News Agency, the value of outbound shipments of automobiles reached US$6.24 billion last month, reflecting a 1.2 percent increase from the previous year. This growth marked the second consecutive month of increase and represented the second-highest export value ever recorded for any March.
Despite the rise in export value, the volume of car exports experienced a decline. The number of vehicles exported fell by 2.4 percent on-year, totaling 240,874 units. This discrepancy between value and volume highlights the changing dynamics within the automotive export market.
The report also highlighted a decrease in the export value of eco-friendly cars, which fell by 3.1 percent on-year to $2.02 billion in March. However, the volume of eco-friendly car sales saw a noticeable increase, advancing by 5.8 percent to reach 68,760 units. Within this category, hybrid models accounted for 41,969 units, while electric vehicles comprised 20,757 units.