Seoul: South Korea's auto exports rose 7 percent in July from a year earlier to a new record high, driven by strong demand for environment-friendly models, data showed Thursday. The combined value of automobile shipments reached US$6.24 billion last month, setting a new record for any July.
According to Yonhap News Agency, the Ministry of Trade, Industry and Resources reported that exports of eco-friendly automobiles maintained solid growth, surging 25.5 percent from a year earlier to $2.59 billion. Outbound shipments to North America and the European Union climbed 18 percent and 23.5 percent, respectively, totaling $3.25 billion and $880 million.
Domestically, 139,000 vehicles were sold last month, marking a 0.5 percent increase from the previous year. The production of locally manufactured cars rose 11.3 percent to 352,000 units, as per the ministry's data. Notably, six out of ten vehicles sold in the domestic market were all-electric, gasoline hybrid, or other eco-friendly models.
A government official highlighted the importance of this transition by stating, "By closely communicating with the industry, the government plans to cope with uncertainties in the automobile industry during this critical period of transition toward future mobility solutions."