S. Korea’s automotive exports fall 4.3% YoY in August ’24

South Korea’s automotive exports declined 4.3 per cent to $5.07 billion year-over-year in August, marking a third consecutive monthly drop due to weakening global demand for eco-friendly vehicles, as per a government data on Thursday.

The overall export value for the first eight months of 2024 remains slightly ahead of the previous year at $47.44 billion, the number of exported vehicles fell by 6.2 per cent to 188,619 in August.

Eco-friendly sedan and auto parts exports declined, with a 6.6 per cent drop in sedan exports to $1.68 billion and a 3.5 per cent decrease in auto parts shipments to $1.84 billion.

Domestic vehicle production and sales were also impacted, with a 7.1 per cent decline in locally manufactured vehicles to 289,948 units and a 1.9 per cent decrease in overall domestic car sales to 128,199 units in August.

Attribution: Xinhua

Subediting: M. S. Salama