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

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

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$57.96 billion, a year-on-year increase of 33.9%.

And due to strong overseas demand for environmentally friendly cars and high-end models, automobile exports in October were US$5.88 billion, a record high for the same period, 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%. Annual production is expected to exceed the 4 million mark for the first time in five years after 2018.

South Korea's export volume and export value have maintained double-digit growth for four consecutive months. Looking at new energy vehicles alone, export volume increased by 36.1% year-on-year to 52,279 units. Export volume increased by 27.1% to US$1.45 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$3.5 billion.
On the other hand, exports to the European Union fell slightly by 9.1% to US$675 million, while exports to Asian countries increased by 1.5% to US$450 million. Exports to the Middle East increased by 6.9% to US$442 million.

The overall growth in automobile exports was mainly driven by strong demand for environmentally friendly models, with exports of these models soaring 21.4% to $1.75 billion.

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