South Korea exported 225,420 vehicles in October, a year-on-year increase of 8.6% and a new high

South Korea's Ministry of Trade, Industry and Energy recently released data showing that the cumulative export volume of automobiles from January to October this year was US.96 billion, a year-on-year increase of 33.9%.

Due to strong demand for overseas environmentally friendly cars and high-end imports, automobile exports in October reached a record high of US.88 billion, a year-on-year increase of 19.8%; the export volume was 225,420 vehicles, a year-on-year increase of 8.6%.

In addition, South Korea's automobile production in October was 341,019 units, a year-on-year increase of 3.9%. Last year, production reached the 4 million mark for the first time in five years after 2018.

South Korea's export volume and export volume have maintained double-digit highs for four consecutive months. Looking at new energy vehicles alone, exports increased by 36.1% year-on-year to 52,279 units. Export volume increased by 27.1% to US.45 billion, the second highest monthly record in history, and its proportion in total automobile export volume was 25.1%, a record high.

North America remained the largest export destination for Korean cars last month, with sales jumping 46.9% to US.5 billion.

On the other hand, exports to the European Union fell slightly by 9.1% to US5 million, while exports to Asian countries increased by 1.5% to US0 million. Exports to the Middle East increased by 6.9% to US2 million.

The overall growth in automobile exports was mainly driven by strong demand for environmental protection, with exports of these automobiles increasing by 21.4% year-on-year to US.75 billion.

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