The Magazine for Asian Investors
According to South Korea’s Ministry of Trade, Industry, and Energy, South Korean auto exports rose by double digits in August due to strong demand for cleaner cars.
South Korean auto exports rose 35.9% year on year to $4.12 billion in August. The number of exported cars amounted to 168,155 units, up 29.1% year-on-year.
Shipments of “green” vehicles rose 45.7% in August to $1.22 billion, marking the 20th consecutive month of growth.
The share of exports of eco-friendly cars was 29.6% in August.
Meanwhile, demand for South Korean cars from North America rose 66.8% to $2.03 billion in August, the highest level on record.
Car sales in the South Korean market rose 1.0% year on year to 131,638 units in August. It was the first upturn in 19 months, driven by rising demand for luxury cars from abroad.
The number of cars produced in South Korea in August was 284,361, up 21% year-on-year.