Overview
- Export Growth: South Korea’s auto exports jumped 16.8% year-on-year to $6.41 billion in September, the highest for any September, led by strong demand for eco-friendly vehicles.
- Volume Rise: Shipments increased 11% to 228,000 units; cumulative January-September exports hit a record $54.1 billion.
- Regional Trends: EU exports soared 52.8% to $958 million; Asia up 62.3% to $823 million; North America dipped 5.3% to $2.8 billion due to 25% US tariffs.
- Eco-Friendly Boom: Green vehicles (EVs, hybrids, hydrogen) rose 47.5% to 90,496 units, nearly 40% of total exports; hybrids +55.7% (57,824 units), EVs +38.9% (29,288 units).
- Domestic Surge: Auto sales up 20.8% to 158,000 units, highest since November 2023; EV sales +135% to 28,760 units, cumulative 170,000 units (57.5% YoY).
- Production Boost: Car output climbed 8.9% to 334,000 units, aided by more working days; Chuseok holiday shifted to October 2025 from September 2024.
- Global Context: Growth reflects Korea’s edge in green tech amid US tariff pressures, positioning it to rival China in EV exports.
South Korea’s Auto Exports Hit Record High in September: Green Cars Lead 16.8% Surge
South Korea’s automotive sector is accelerating into the green era, with exports climbing 16.8% year-on-year to a record $6.41 billion in September, propelled by surging demand for eco-friendly cars in Europe and Asia. Data from the Ministry of Trade, Industry and Resources, reported by Yonhap, shows this as the strongest September performance ever, with volumes up 11% to 228,000 vehicles and cumulative exports for January–September reaching an unprecedented $54.1 billion. Amid US tariff headwinds, Korea’s focus on EVs and hybrids is paying off, cementing its global competitiveness.
Regional Breakdown: Europe and Asia Shine, North America Stumbles
Demand rebounded across key markets, except North America, where 25% tariffs under the US administration curbed growth. Exports to the European Union rocketed 52.8% to $958 million, while Asia saw a 62.3% spike to $823 million, driven by appetite for sustainable models. In contrast, North American shipments fell 5.3% to $2.8 billion, with the US down 7.5% to $2.4 billion, highlighting trade tensions.
Eco-Friendly Vehicles: The Green Engine
The standout story is eco-friendly cars—electric vehicles (EVs), hybrids, and hydrogen models—which soared 47.5% to 90,496 units, comprising nearly 40% of total exports. This marks the first time monthly green exports topped 90,000 units. Hybrids led with a 55.7% jump to 57,824 vehicles, while EVs advanced 38.9% to 29,288 units, marking four straight months of growth. “Korea’s early investments in green tech are reaping dividends as global regulations tighten,” noted industry analysts.
Domestic Market Roars Back
At home, auto sales rebounded 20.8% to 158,000 units, the best since November 2023. EVs stole the show, surging 135% to a monthly record of 28,760 units. Cumulative EV sales for January–September hit 170,000, up 57.5% and already exceeding last year’s full-year total of 142,000. Production climbed 8.9% to 334,000 units, boosted by an extra working day; the Chuseok holiday’s shift to early October (vs. September 2024) aided the momentum.
Implications for Global Trade and Korea’s Edge
This surge positions South Korea to challenge China’s EV dominance, with exports reflecting a pivot to sustainability amid US tariffs. As global EV sales eye 21 million by 2025, Korea’s hybrid and EV focus aligns with EU and Asian green mandates, potentially offsetting North American losses. For India, a key importer, this could mean competitive pricing, though supply chain diversification remains key amid China’s curbs.
South Korea’s September triumph underscores its green pivot, setting the stage for a $100 billion export year and reinforcing its role in the global auto transition.
Source: businessnewsthisweek.com
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