Korean auto exports up 4.9% in September

SEOUL, 17th October, 2024 (WAM) -- The Republic of Korea's car exports rose 4.9 percent on-year in September to reach a new record, data showed Thursday, driven by SUVs and electric models.

The combined value of car shipments reached US$5.5 billion last month, marking the highest amount for any September, according to data compiled by the Ministry of Trade, Industry and Energy.

According to Yonhap News Agency, the number of cars shipped totalled 205,574, up 4.4 percent over the period, the report also showed.

Environmentally friendly models led the overall growth, with their outbound shipments jumping 12.3 percent to reach $1.96 billion. Exports of hybrid cars, in particular, soared 75.6 percent over the period to $1 billion.

The number of cars produced in September totalled 307,026, a 1.7 percent increase from the same period last year, as local manufacturers ramped up production to meet rising overseas demand despite one fewer working day compared with the previous year.