South Korea’s auto exports gained for the second straight month in March propelled by eco-friendly cars and revived demand in Russia and Middle East.
According to the Ministry of Trade, Industry and Energy on Tuesday, the nation’s outbound shipment of cars rose 4.1 percent on year to $4.12 billion in March. In units, exports dropped 5.1 percent on year to 248,618 units.
The rise in monthly value of auto shipment largely owed to demand for valued-added clean-fuel cars and bigger-sized cars.
Green labels like Hyundai Motor Co.’s IONIQ full-electric and plug-in cars as well as Kia Motors Corp.’s hybrid compact sports utility vehicle (SUV) Niro have been selling well abroad since their launch in the United States and Europe last year.
Exports of eco-friendly car reached 14,907 units in March, steadily rising from 13,477 units in February and 10,079 units in January.
The country’s auto parts exports reached $2.2 billion, down 3.4 percent on year, after local automakers experienced a fall in production at overseas manufacturing bases. The auto parts shipment to North America and Asia shrank by 12.3 percent and 13.5 percent, respectively, as car shipment to the corresponding regions fell.
Auto parts exports to Europe, especially Russia, jumped 96.1 percent on year, and those to Middle Eastern countries surged 47.3 percent, thanks to rebound in knockdown demand.
By Ko Jae-man
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]