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Korea's car exports fall 4.3 percent in August amid robust hybrid model shipments

Published: 19 Sep. 2024, 18:33

Automobiles for exports are transported in Changwon, South Gyeongsang.[YONHAP]

Korea's car exports fell 4.3 percent on year in August, data showed Thursday, although robust shipments of hybrid models limited the overall decline.

The combined value of car shipments reached $5.1 billion in August, according to the Ministry of Trade, Industry and Energy.

The number of cars shipped totaled 188,619, down 6.2 percent over the period, the data also showed.

Outbound shipments of hybrid cars, however, increased 85 percent on year in August to reach $1.07 billion, amid growing demand for eco-friendly automobiles in the global market.

The number of cars produced totaled 289,948 in August, down 7.1 percent from a year earlier.

The ministry attributed the decrease to facility renovations at production lines of Kia and GM Korea. The partial walkout at GM Korea during wage negotiations also affected the production, it added.

"As wage negotiations at major carmakers have been completed, the production and exports of automobiles in September are anticipated to be revitalized," the ministry said in a statement.

Domestic sales of automobiles, meanwhile, reached 128,199, down 1.9 percent over the period.

Yonhap