South Korea’s automotive exports down 9.1 percent, still hit $5.4 billion in July 2024

South Korea’s automotive exports experienced a dip in July, declining by 9.1 percent compared to the same period in 2022. This downturn was attributed to a high base effect, as last July saw record-breaking export figures. 

Despite the decrease, the total value of car shipments reached a substantial $5.4 billion, making it the second-highest July export value on record, WAM reported citing data from the Ministry of Trade, Industry and Energy.

While overall exports dipped, hybrid vehicle sales surged by 56.6 percent year-on-year, reaching $980 million, contributing significantly to the export performance.

Read more: South Korea’s industrial output declines 0.1 percent in June, retail sales and facility investment rebound

Over the first seven months of 2023, South Korea’s automotive exports saw a 2 percent increase compared to the previous year, reaching a record high of $42.4 billion.

The positive trend extended to automotive parts, with exports rising 9.5 percent year-on-year to $2.2 billion, marking the highest figure since November 2016.

Domestic production, however, faced a decline of 17.6 percent year-on-year in July, reaching 290,000 units. This decrease was attributed to wage negotiations at major car manufacturers and the summer vacation period.

Domestic car sales also saw a slight dip, falling by 2.7 percent to 130,000 units last month.

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