Auto exports leap 35% as pandemic nervousness eases
The nation’s abroad auto shipments reached 161,886 items in February, up from 123,022 items recorded a yr earlier, in line with the Ministry of Commerce, Trade and Vitality.
When it comes to worth, exports additionally climbed 47% to $ 3.5 billion.
Within the first two months of 2020, the nation shipped 353,959 auto items, up 31.8% yr on yr.
The rebound in February additionally got here on a base impact, with the operation of auto factories having been partially disrupted final yr within the early levels of the COVID-19 pandemic.
Trade chief Hyundai Motor Co. noticed its abroad gross sales leap 40.4% in items because of robust gross sales of the Kona and Palisade SUVs.
Auto exports from Hyundai’s little sister, Kia Motors Corp., additionally rose 64.3% on robust deliveries of electrical autos, such because the Niro.
Abroad shipments of GM Korea Co., the South Korean unit of Basic Motors Co., however, fell 16.5% as its manufacturing was partially disrupted by the worldwide scarcity of automotive chips.
The financially struggling SsangYong Motor Co. noticed its exports plummet 94.3% as its subcontractors refused to produce the corporate with auto elements as a result of fee issues.
Renault Samsung Motors Corp. exports barely elevated by 1.8% because of robust gross sales of the XM3 SUV within the European market.
By vacation spot, exports to North America elevated by 33.8 p.c, whereas these to the European Union practically doubled. Gross sales to Jap European nations elevated by 49.2%.
Shipments to Asian nations grew 54.2% year-on-year in February, the information confirmed.
South Korea’s mixed auto manufacturing rose to 260,958 items final month, up 37.9% year-on-year. Home gross sales reached 123,317 items, additionally up 24.2% over the interval.
Auto exports within the first 10 days of March, in the meantime, continued to achieve floor in worth, rising 22.8% through the interval, in line with Korean Customs Service information launched the week. final. (Yonhap)