S. Korea's auto export grows for 3rd month in August

South Korea's automotive export grew for the third straight month due to solid demand from Europe, government data showed Tuesday.

 

Car shipment expanded 8.6 percent from a year earlier to 5.50 billion U.S. dollars in August after going up in single digits in June and July, according to the Ministry of Trade, Industry and Energy.

 

The consecutive growth was attributable to higher demand for eco-friendly vehicles as well as robust demand from Europe that offset lower U.S. demand, caused by the U.S. tariffs imposition.

 

Auto export to the United States dropped 15.2 percent to 2.10 billion dollars, but those to the European Union (EU) and other countries in Europe spiked in double figures to 792 million dollars and 547 million dollars each.

 

Shipment of eco-friendly sedans soared 29.3 percent to 2.17 billion dollars in August compared to the same month of last year.

 

The number of exported vehicles stood at 200,317 in August, up 5.5 percent from a year earlier. Auto parts shipment decreased 8.8 percent to 1.67 billion dollars.

 

The number of vehicles, manufactured in local factories, climbed 7.1 percent to 321,008 in August on a yearly basis.

 

The number of cars sold inside the country, including locally-made and imported vehicles, was 138,809 in August, up 8.3 percent from a year earlier.

 

Xinhua