Automobile exports in the first half of 2021 achieved the highest performance in seven years despite difficulties in procurement automobile components due to COVID-19 outbreak.
The Ministry of Trade, Industry, and Energy (MOTIE) announced on the 15th that the automobile exports in the first half of this year increased by 49.9 percent year-on-year to 23.61 billion dollars.
This is the highest exports performance since the first half of 2014 (25.23 billion dollars).
By region, the performance of the export in the first half in North America (10.797 billion dollars, 39.7 percent) was the highest, and the European Union (4.177 billion dollars, 56.3 percent), and Eastern Europe (2.736 billion dollars, 80.2 percent) were following.
Also, the automobile exports increased in Middle East (1.69 billion dollars, 0.9 percent), Latin America (1.03 billion dollars, 124.6 percent), Africa (319 million dollars, 87.3 percent), Oceania (1.468 billion dollars, 111.3 percent), and Asia (1.413 billion dollars, 64.9 percent).
The number of the exported units increased by 27.9 percent to 1,049,658 units, and it marked the first double-digit increase rate since the first half of 2012.
Ministry of Trade, Industry, and Energy said: “Korean domestic companies’ efforts to increase product competitiveness even in the difficulties in shortage of automobile components led to the increase in global market share.”
The sales of Hyundai Motor and Kia’s cars in the US increased by 48.1 percent in the first half of this year year-on-year, breaking the highest sales record of each company. During this period, the Korean automobile company’s share increased by 1.2 percent to 9.7 percent.
The exports of automobile parts increased 43.6 percent year-on-year to 11.61 billion dollars.
An official of the MOTIE said, “As consumers’ demands have been raised again due to economic recovery measures in major countries, the operation rate of local factories also recovered to normal levels.” (ANI/Global Economic)