SEOUL: South Korea’s car exports fell 9.1% last month from a year earlier due to a high base effect, data showed Thursday.

The combined value of car shipments came to US$5.4 billion in July, down from $5.9 billion won in the same month last year, according to the data compiled by the Ministry of Trade, Industry and Energy.

Despite the decline, this still represents the second-highest value for July, state news agency Yonhap reported, citing the official data.

The ministry explained that the on-year fall was due to last year’s figures, which was the best July performance ever, with a 15% increase.

Overseas sales of hybrid vehicles soared 56.6% on-year to $980 million for July, leading the overall export performance.

For the first seven months of 2023, auto exports increased 2% on-year, reaching $42.4 billion, the highest figure ever recorded for this period.

Exports of auto parts rose 9.5% to $2.2 billion from a year earlier, surpassing the $2.2 billion mark for the first time since November 2016.

Domes
tic production slumped 17.6% on-year to 290,000 units in July due to wage negotiations at major carmakers and the summer vacation period.

Car sales within country also declined by 2.7% to 130,000 units last month.

Source : Emirates News Agency