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South Korea's Auto Exports Surge 13.7% Amid Hybrid Model Boom

South Korea's auto industry is firing on all cylinders. Exports climbed nearly 14% in November, powered by incredible demand for eco-friendly models. A key driver was a massive 40% jump in hybrid car shipments alone. This growth was boosted by a new trade deal with the US that lowered tariffs, helping reverse a months-long slump in that critical market.

Key Points: South Korea Auto Exports Rise 13.7% in November on Hybrids

  • Exports of hybrid automobiles surged 40% to over 54,000 units in November
  • Shipments to the US rose 5.1%, ending an eight-month decline streak
  • Exports to Asian countries saw a significant 32.1% increase last month
  • South Korea's total November exports hit a record $61 billion for the month
2 min read

S. Korea's auto exports up 13.7 pc in Nov on eco-friendly models

South Korea's auto exports jumped 13.7% in November, driven by a 40% surge in hybrid car shipments and a rebound in US trade after tariff relief.

"Exports of eco-friendly cars jumped 23.4 percent to 78,436 units, marking 11 consecutive months of on-year gains. - Yonhap News Agency"

Seoul, Dec 21

South Korea's auto exports rose 13.7 per cent in November from a year earlier, data showed on Sunday, driven by robust shipments of eco-friendly and hybrid models.

The combined value of automobile exports came to $6.4 billion in November, supported by base effects after outbound shipments tumbled last year due to snow-related shipping disruptions, according to the Ministry of Trade, Industry and Resources.

Exports of eco-friendly cars jumped 23.4 percent to 78,436 units, marking 11 consecutive months of on-year gains, reports Yonhap news agency.

Among eco-friendly models, exports of hybrid automobiles surged 40 percent to 54,296 units in November.

By destination, exports to the United States rose 5.1 percent on-year in November to $2.69 billion, snapping eight consecutive months of declines following Washington's new tariff policy.

Seoul and Washington reached an agreement to lower tariffs on automobiles to 15 percent from the 25 percent imposed in April.

Exports to the European Union increased 3.4 percent to $820 million, while those to Asian countries advanced 32.1 percent to $730 million, the data showed.

Meanwhile, South Korea's exports increased 8.4 per cent from a year earlier in November to over $61 billion, marking the sixth consecutive month of increase on the back of strong demand for semiconductors, government data showed.

Outbound shipments came to $61.04 billion last month, the highest for any November, according to the data compiled by the Ministry of Trade, Industry and Resources, reports Yonhap news agency.

Imports gained 1.2 per cent on-year to $51.3 billion, resulting in a trade surplus of $9.73 billion.

Accumulated exports in the January-November period reached $640.2 billion, a record high for the cited period, raising expectations that the country's annual exports will surpass the $700 billion mark for the first time in its history this year.

- IANS

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Reader Comments

S
Sarah B
The tariff agreement with the US is a smart move by South Korea. It shows how proactive diplomacy can directly benefit the economy. India could learn from this approach in our own trade negotiations.
P
Priya S
Wow, 40% surge in hybrid exports! This is the future. In India, we see more electric two-wheelers, but for cars, hybrids seem like a perfect bridge technology given our charging infrastructure challenges. Hope Tata and Mahindra are watching closely.
V
Vikram M
While the numbers are good, let's not forget the base effect mentioned. Last year was bad due to snow, so this year's growth looks bigger. Still, consistent growth for 11 months is no small feat. Their focus on a specific strength (eco-friendly models) is paying off.
R
Rohit P
$6.4 billion in one month from auto exports alone! That's massive. It puts into perspective the scale we need to aim for with 'Make in India'. Our domestic market is huge, but true success will be measured by global exports.
K
Kavya N
The growth in Asian markets (32.1%) is interesting. Maybe Indian cars can also find stronger footing in neighboring countries if we offer the right products. But first, we need better quality and reliability perception abroad.
M
Michael C

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