Korea’s auto exports dip 9.1% in July

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