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SEOUL, April 15 (Yonhap) — South Korea’s car exports inched up from a year earlier in March, driven by rising demand from Asian nations, data showed Tuesday.
The value of outbound shipments of automobiles came to US$6.24 billion last month, up 1.2 percent from a year earlier, according to data from the Ministry of Trade, Industry and Energy.
It marked the second consecutive month of increase and the second-highest export value ever for any March, it added.
In terms of volume, however, exports fell 2.4 percent on-year to 240,874 vehicles.
The export value of eco-friendly cars declined 3.1 percent on-year to $2.02 billion in March. In terms of volume, however, sales advanced 5.8 percent to 68,760 units.
Of the total, 41,969 were hybrid models, and 20,757 units were electric vehicles, the data showed.
This April 9, 2025, file photo shows cars waiting to be exported at a port in the city of Pyeongtaek, Gyeonggi Province. (Yonhap)
By region, exports to North America fell 8.4 percent on-year to $3.27 billion, primarily due to a 10.8 percent decline of shipments to the United States, which totaled $2.78 billion.
Exports to the European Union decreased 3 percent to $780 million.
But exports to Asian countries surged 61.8 percent to $660 million, and those to the Middle East rose 21.2 percent to $490 million, the data showed.
At home, sales of automobiles rose 2.4 percent on-year to 149,512 units in March, while domestic production climbed 1.5 percent to 370,836 units.
During the first quarter of this year, the value of car exports went down 1.3 percent and sales volume lost 2.2 percent from a year earlier.
“The decline was attributed to a reduced number of working days this year and a high base effect, as exports in the first quarter of 2024 had reached an all-time high,” the ministry said in a release.
graceoh@yna.co.kr
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