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S. Korea's auto exports hit record high in May

June 20, 2024 - 11:08 By Yonhap
Shipping containers are stacked at a port in the southeastern city of Busan, June 11, 2024. (Newsis)

South Korea's car exports rose 4.8 percent on-year last month to reach a record high for any May, driven by solid demand for eco-friendly vehicles, data showed Thursday.

The combined value of car shipments came to $6.5 billion in May, beating the previous record for any May set in 2023, when the value stood at $6.23 billion, according to the Ministry of Trade, Industry and Energy.

In terms of volume, car exports advanced 2.9 percent on-year to come to 254,496 units last month.

The increase was led by the popularity of eco-friendly cars, with their exports climbing 4 percent on-year to $2.18 billion.

North America was the No. 1 export destination for South Korean cars last month, with sales jumping 36.3 percent on-year to $3.96 billion.

But shipments to the European Union sank 43.4 percent to $649 million, and those to Asian countries fell 18.3 percent to $472 million.

Car exports to the Middle East shed 15.4 percent to $422 million, and shipments to Central and Southern American countries went down 6.1 percent to $217 million.

Domestic production decreased 2.4 percent to 372,810 units, and car sales at home dropped 7.1 percent on-year to 141,313 units.

During the first five months of 2024, car exports grew 4.7 percent on-year to $30.8 billion, a record figure for any cited period ever, the data showed.

The government set this year's export target for vehicles and auto parts at $100 billion, and vowed to extend support for exporters. (Yonhap)