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S. Korea's auto export posts double-digit fall in June

Xinhua News,SEOUL
2020-07-14 11:17

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SEOUL, July 14 (Xinhua) -- South Korea's automotive export posted a double-digit fall last month as the COVID-19 outbreak weakened global demand, a government report showed Tuesday.

The number of car exports was 132,514 in June, down 37.4 percent from the same month of last year, according to the Ministry of Trade, Industry and Energy.

Car dealerships in major economies began to reopen after shutdowns on worry about the COVID-19 pandemic, but car inventory had yet to be consumed, the ministry said.

The number of cars sold at the domestic market was 205,709 in June, up 41.9 percent from a year earlier.

The double-digit growth was attributed to a temporary tax cut for car purchases. The imported car sale surged 43.9 percent to 30,686 units in the month.

Car production reached 297,019 units in June, down 10.8 percent from a year earlier amid the weak global demand.

Environment-friendly vehicles, including electric vehicles and hybrid cars, saw a double-digit increase both in domestic sale and export.

The export of environment-friendly vehicles soared 36.2 percent over the year to 25,064 units in June, while their domestic sale jumped 59.3 percent to 21,861 vehicles.

Meanwhile, car export tumbled 33.4 percent over the year to 826,710 units in the first half of this year on the back of lockdowns in major economies, caused by the pandemic.

Vehicle sale at the local market grew 7.2 percent to 930,464 units in the six-month period thanks to the tax cut and the launch of new models.

Auto production slumped 19.8 percent from a year earlier to 1,627,534 units in the first half.
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