South Korea’s automobile exports climbed to a record high in July, supported by strong overseas demand for environmentally friendly vehicles and increased sales in major markets including North America and Europe.
The country’s car exports reached $6.24 billion last month, marking a 7% increase from the same period a year earlier, according to data from the Ministry of Trade, Industry and Energy reported by Yonhap News Agency. The figure exceeded the previous monthly record of $5.9 billion, recorded in July 2023.
Environmentally friendly vehicles were a major driver of the export growth. Their export value rose 25.5% year on year to $2.59 billion. These vehicles accounted for 41.5% of South Korea’s total automobile export value in July, highlighting the growing role of electric, hybrid and other cleaner vehicles in the country’s automotive industry.
Exports to North America recorded particularly strong growth, rising 18% to $3.25 billion. The region remained the largest destination for South Korean vehicles during the month.
Shipments to the European Union also increased significantly. Exports to the bloc climbed 23.5% year on year to $880 million, reflecting stronger demand for South Korean models in the European market.
Performance across other regions was mixed. Automobile exports to Asia dropped 27.1%, while shipments to Central and South America declined 7.4%. By contrast, exports to the Middle East increased 12.7% to $430 million.
The stronger export performance came as domestic vehicle sales also showed modest growth. South Korean car sales within the country increased 0.5% in July to 139,000 units.
Environmentally friendly vehicles continued to gain popularity among domestic consumers as well. Sales of these vehicles reached 84,000 units during the month, representing about 60% of total domestic automobile sales.
The figures underline the growing importance of environmentally friendly vehicles to South Korea’s automotive sector. Rising demand for such models in both domestic and international markets helped offset weaker exports to several regions and contributed to the record value of automobile shipments in July.
The latest export results also point to continued changes in consumer demand, with cleaner vehicles taking a larger share of both South Korea’s overseas sales and its domestic automobile market.
