Auto exports hit $ 23.6 billion in first half, highest level in 7 years

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Auto exports in the first half of 2021 achieved the highest performance in seven years despite difficulties in sourcing auto components due to the COVID-19 outbreak.

The Ministry of Trade, Industry and Energy (MOTIE) announced on the 15th that auto exports in the first half of this year increased 49.9% year-on-year to reach 23.61 billion dollars.

This is the highest export performance since the first half of 2014 ($ 25.23 billion).

By region, the first half export performance in North America ($ 10.797 billion, 39.7%) was the highest, and the European Union ($ 4.177 billion, 56.3%) and Eastern Europe ($ 2.736 billion, 80.2 percent) followed.

In addition, auto exports increased in the Middle East ($ 1.69 billion, 0.9%), Latin America ($ 1.03 billion, 124.6%), Africa ($ 319 million , 87.3%), in Oceania ($ 1.468 billion, 111.3%). percent) and Asia ($ 1.413 billion, 64.9 percent).

The number of units exported increased by 27.9% to 1,049,658 units, and this is the first double-digit rate of increase since the first half of 2012.

The Ministry of Commerce, Industry and Energy said, “The efforts of Korean domestic enterprises to increase the competitiveness of products, even when there is a shortage of automotive components, has led to an increase in market share. global.

Hyundai Motor and Kia car sales in the United States rose 48.1% in the first half of this year year-on-year, breaking each company’s highest sales record. During this period, the share of the Korean auto company increased from 1.2 percent to 9.7 percent.

Exports of auto parts increased 43.6% year-on-year to $ 11.61 billion.

A MOTIE official said: “As consumer demands have increased again due to economic recovery measures in major countries, the operating rate of local factories has also returned to normal levels.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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