Seoul: South Korea's auto exports experienced a 16.8 percent increase in September from the previous year, fueled by strong demand for eco-friendly vehicles across Europe and Asia, recent data revealed. The value of these outbound shipments amounted to US$6.41 billion, marking the highest figure recorded for any September, as reported by the Ministry of Trade, Industry and Resources.
According to Yonhap News Agency, the volume of exported vehicles rose by 11 percent on-year, reaching 228,000 units. From January to September, the accumulated value of auto exports hit an unprecedented $54.1 billion. The ministry highlighted a surge in demand for Korean automobiles in significant regions, except North America, where a 25 percent tariff on Korean cars persists under the administration of U.S. President Donald Trump.
Exports to the European Union saw a dramatic 52.8 percent increase on-year to $958 million, while shipments to Asia soared by 62.3 percent to $823 million. Conversely, shipments to North America contracted by 5.3 percent to $2.8 billion, with exports to the U.S. specifically declining by 7.5 percent to $2.4 billion.
In terms of vehicle type, exports of eco-friendly cars, including electric vehicles (EVs), hybrid cars, and hydrogen cars, surged by 47.5 percent, reaching 90,496 units last month. This marked the first occasion that monthly exports of eco-friendly vehicles surpassed 90,000 units, comprising nearly 40 percent of all auto exports. Notably, hybrid car shipments increased by 55.7 percent to 57,824 units, while exports of EVs rose by 38.9 percent to 29,288 units, continuing a four-month upward trend.
Domestically, automobile sales climbed by 20.8 percent year-on-year to 158,000 units in September, achieving the highest level since November 2023. Domestic EV sales skyrocketed by 135 percent on-year, reaching an all-time monthly high of 28,760 units. The cumulative volume of EV sales from January to September increased by 57.5 percent to 170,000 units, already exceeding last year's annual sales of 142,000 units, as per the data.
Additionally, domestic car production increased by 8.9 percent to 334,000 units in September, attributed to an increase in the number of working days compared to the previous year. This variation was partially due to the Chuseok holiday falling in early October this year, as opposed to September in 2024.