South Korea car exports decline in July despite robust performance in hybrid cars
Date
8/18/2024 9:03:07 AM
(MENAFN) South Korea experienced a 9.1 percent decline in auto exports in July, amounting to USD5.4 billion, according to the Ministry of Trade, Industry and Energy. This decrease comes after a notable 15 percent increase in the same month last year, where exports reached USD5.9 billion. The decline in July's auto exports is significant, reflecting a slowdown compared to the robust performance observed a year ago.
Despite the overall drop in auto exports, hybrid car exports saw a substantial increase of 56.6 percent year-on-year, reaching USD980 million. Additionally, exports of auto parts grew by 9.5 percent, totaling USD2.2 billion. This indicates a shift towards more specialized segments within the auto industry, particularly in hybrid vehicles and component parts.
Conversely, domestic car production faced a sharp decline of 17.6 percent in July, with only 290,000 units produced. This significant drop in production highlights the broader challenges facing the South Korean automotive sector amid fluctuating export trends and shifts in global demand.
MENAFN18082024000045015682ID1108572534
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.