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Auto exports fall 10.5% in October on fewer working days

Published: 20 Nov. 2025, 13:34

Cars wait to be exported at a port in Pyeongtaek on Nov. 14. [YONHAP]

Korea's auto exports decreased 10.5 percent from a year earlier in October, largely due to fewer business days caused by the extended Chuseok holiday, data showed Thursday.

The value of outbound shipments of automobiles came to $5.5 billion last month, compared with $6.2 billion the same month last year, according to the data from the Ministry of Trade, Industry and Resources.

The value of accumulated auto exports from January to October, meanwhile, reached an all-time high of $59.6 billion.

The ministry said October exports were weak due to the fall harvest Chuseok holiday that fell in early October, unlike in 2024 when the traditional holiday fell in September. Auto exports in September jumped 16.8 percent on year, the ministry said earlier.

By destination, exports to the United States plunged 29 percent on year to $2.12 billion in October, apparently due to the 25 percent import tariffs imposed on Korean cars by the Donald Trump administration.

The Trump administration is expected to lower the tariff on Korean cars to 15 percent as agreed in its trade deal with Korea after Seoul submits a special bill to the National Assembly on the country's planned $350 billion investment in the United States under the bilateral trade agreement reached late last month.

Finance Minister Koo Yun-cheol said Wednesday the government plans to submit the bill before the end of this month, which he said would allow local automakers to enjoy the reduced tariff rate retroactively from the start of the month of its submission.

Shipments to the European Union dipped 2.1 percent to $746 million last month, and those to the Middle East contracted 13.5 percent to $403 million.

On the other hand, exports to Asia jumped 42 percent on year to $802 million, while shipments to Latin America advanced 23.7 percent to $290 million.

By type, exports of environmentally friendly cars, such as EVs, hybrid cars and hydrogen cars, gained 0.9 percent from a year earlier to 64,427 vehicles last month, amounting to a combined value of $2 billion.

In detail, shipments of hybrid cars climbed 3.9 percent to 42,683 vehicles, and EV exports inched up 0.3 percent to 19,247 units. Exports of plug-in hybrid cars dropped 30.8 percent to 2,492 units.

At home, sales of automobiles went down 12.8 percent on year to 127,000 units in October.

Domestic EV sales surged 56.1 percent to 19,318 units, but sales of hybrid cars dipped 13 percent to 42,857 units.

The accumulated volume of EV sales here in the January-October period climbed 57.4 percent to 189,053 units, already surpassing the annual total of 142,000 in 2024, according to the data.

Yonhap