South Korea’s Auto Exports Rise Over 8% in July Despite US TariffsSeoul, 19 Aug (ONA) — South Korea’s automobile exports climbed more than 8% year-on-year in July, driven by strong demand from Europe that offset weaker shipments to the United States due to Washington’s tariff measures, government data showed today.
The value of auto exports grew 8.8% on-year to $5.83 billion last month, marking the second consecutive month of growth, according to the data from the Ministry of Trade, Industry and Energy, cited by Yonhap News Agency.
While export value had increased in June despite a drop in export volume, July saw both figures rise. In July, the number of vehicles shipped overseas increased 5.8 percent on-year to 212,000 units.
Exports to the US fell for the fifth consecutive month, dropping 4.6% on-year to $2.33 billion in July. However, the pace of decline sharply eased from a 16% fall in June.
Meanwhile, shipments to the European Union surged 32.7% on-year to $713 million last month, buoyed by strong demand for eco-friendly vehicles.
Outbound shipments of eco-friendly cars rose 17% from a year earlier to 68,000 units. In particular, exports of electric vehicles (EVs), which had been on a steady decline since January 2024, rebounded in June and continued their upward trend in July.
At home, sales of automobiles rose 4.6% on-year to 138,503 units in July. Domestic production also rose 8.7% to 316,295 units.
Domestic sales of EVs came to 26,000 units in July, jumping 69.5% from a year earlier and setting a new monthly record. EVs accounted for 18.5% of total monthly auto sales, also marking the highest local market share on record. — Ends/AH