Seoul: South Korea's car exports hit a record high in July, exceeding $6.2 billion, thanks to a 7% year-on-year increase to $6.24 billion, surpassing the previous record of $5.9 billion set in July 2023.
According to Qatar News Agency, citing data from the Ministry of Trade, Industry and Resources, the value of the country's car exports rose 7% year-on-year in July to $6.24 billion, exceeding the previous record of $5.9 billion set in July 2023. Environmentally friendly vehicles led the strong performance, with their export value increasing by 25.5% to $2.59 billion, accounting for 41.5% of the total export value.
Exports to North America rose 18% to $3.25 billion, while exports to the European Union increased 23.5% to $880 million. Exports to Asia and Central and South America declined by 27.1% and 7.4%, respectively, while exports to the Middle East rose 12.7% to $430 million.
Domestic car sales increased 0.5% to 139,000 units last month. Sales of environmentally friendly vehicles reached 84,000 units, accounting for 60% of total car sales in the domestic market.