Seoul: The Republic of Korea’s automobile exports experienced an 8.6 percent increase in August compared to the previous year, driven by strong demand for electric vehicles (EVs) in Europe, as reported on Tuesday. The total value of outbound automobile shipments reached US$5.5 billion, marking the highest figure recorded for any August, based on data from the Ministry of Trade, Industry and Energy.
According to Emirates News Agency, the ministry highlighted that the demand for Korean cars rose in nearly all regions, except North America, where US President Donald Trump’s administration has imposed a 25 percent tariff on Korean automobiles. Notably, exports to the European Union surged by 54 percent on-year to $792 million, with Germany and the Netherlands witnessing increases of 118.7 percent and 110.3 percent, respectively. Shipments to Britain rose by 115.7 percent to $250 million, while exports to Turkey increased by 96.1 percent to $100 million.
In other regions, automobile exports to Asia increased by 9.3 percent to $591 million, and shipments to the Middle East grew by 9.8 percent to $369 million. Exports to Oceania saw a 20.1 percent rise, reaching $344 million. Conversely, shipments to North America fell by 8.3 percent to $2.55 billion in August, with US exports specifically dropping by 15.2 percent to $2.1 billion.
The data further revealed that exports of eco-friendly cars, including EVs, hybrid cars, and hydrogen EVs, rose by 26.6 percent from the previous year, totaling 69,000 vehicles in August. EV shipments alone surged by 78.4 percent to 23,000 vehicles, driven by the global popularity of Kia’s EV3 model and Hyundai Motor’s Casper Electric model, known overseas as the Inster.