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South Korea's Car Exports Fall in April
(MENAFN) South Korea's automotive exports reversed course in April, sliding after a brief period of modest growth as persistent Middle East tensions and elevated oil prices dragged down demand across key markets, government data revealed Wednesday.
Car shipments fell 5.5 percent year-on-year to 6.17 billion U.S. dollars last month — a sharp turn after single-digit gains recorded in March — according to the Ministry of Trade, Industry and Resources.
Exports to the United States, South Korea's largest automotive market, declined 5.3 percent to 2.74 billion dollars, while shipments to the European Union retreated a steeper 13.1 percent to 828 million dollars. Exports to Asia and the Middle East posted double-digit drops, with analysts pointing to sustained regional instability driving high oil prices as a primary drag on consumer demand.
A bright spot emerged in the eco-friendly vehicle segment, which bucked the broader downtrend with exports surging 13.5 percent year-on-year to 2.52 billion dollars in April. The category spans electric vehicles, fuel cell electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles — reflecting a structural shift in global automotive appetite.
The total number of vehicles exported reached 244,990 units in April, edging down 0.8 percent from the same period last year, while auto parts shipments contracted 6.0 percent to 1.90 billion dollars.
On the production side, domestic factory output fell 6.1 percent to 361,926 vehicles. Domestic sales, however, showed marginal resilience — vehicles sold inside the country, including both locally manufactured and imported models, rose 0.7 percent year-on-year to 151,693 units in April.
Car shipments fell 5.5 percent year-on-year to 6.17 billion U.S. dollars last month — a sharp turn after single-digit gains recorded in March — according to the Ministry of Trade, Industry and Resources.
Exports to the United States, South Korea's largest automotive market, declined 5.3 percent to 2.74 billion dollars, while shipments to the European Union retreated a steeper 13.1 percent to 828 million dollars. Exports to Asia and the Middle East posted double-digit drops, with analysts pointing to sustained regional instability driving high oil prices as a primary drag on consumer demand.
A bright spot emerged in the eco-friendly vehicle segment, which bucked the broader downtrend with exports surging 13.5 percent year-on-year to 2.52 billion dollars in April. The category spans electric vehicles, fuel cell electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles — reflecting a structural shift in global automotive appetite.
The total number of vehicles exported reached 244,990 units in April, edging down 0.8 percent from the same period last year, while auto parts shipments contracted 6.0 percent to 1.90 billion dollars.
On the production side, domestic factory output fell 6.1 percent to 361,926 vehicles. Domestic sales, however, showed marginal resilience — vehicles sold inside the country, including both locally manufactured and imported models, rose 0.7 percent year-on-year to 151,693 units in April.
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