Seoul: South Korea’s car exports saw a significant increase of 8.6 percent year-on-year in August, bolstered by the strong demand for electric vehicles (EVs) in Europe, despite existing U.S. tariffs. The data was revealed on Tuesday.

According to Yonhap News Agency, the value of outgoing automobile shipments reached a record high for any August, amounting to $5.5 billion. The Ministry of Trade, Industry and Energy reported that, in terms of volume, exports rose 5.5 percent year-on-year to 200,317 vehicles last month.

The cumulative value of auto exports from January to August achieved an unprecedented high of $47.7 billion. The ministry noted an increase in demand for Korean automobiles in all regions except for North America, where Korean vehicles are subject to a 25 percent tariff under the administration of U.S. President Donald Trump.

Exports to the European Union experienced a remarkable surge, rising 54 percent year-on-year to $792 million. Specifically, shipments to Germany and the Netherlands increased by 118.7 percent and 110.3 percent, respectively. Additionally, exports to Britain jumped 115.7 percent year-on-year to $250 million, while shipments to Turkey surged 96.1 percent to $100 million.

Exports to Asia rose by 9.3 percent to $591 million, and shipments to the Middle East increased by 9.8 percent to $369 million. Oceania saw a 20.1 percent rise in shipments, totaling $344 million.

Conversely, shipments to North America declined by 8.3 percent year-on-year to $2.55 billion in August, with exports to the U.S. dropping 15.2 percent to $2.1 billion.

By vehicle type, exports of eco-friendly cars, including EVs, hybrid cars, and hydrogen EVs, grew 26.6 percent from the previous year to 69,000 vehicles in August. Particularly, shipments of EVs climbed 78.4 percent to 23,000 vehicles, driven by the global popularity of Kia’s EV3 model and Hyundai Motor’s Casper Electric model, marketed as the Inster in overseas markets.

Domestically, automobile sales increased 8.3 percent year-on-year to 139,000 units, marking the seventh consecutive month of growth. Eco-friendly vehicles accounted for over half of the vehicles sold in South Korea in August, reflecting a 36.1 percent increase from the previous year, as reported by the ministry.

In the same month, domestic car production rose by 7.1 percent to 321,000 units, supported by the expansion of exports and domestic sales.