February Auto Export Value Increases by 50%... Highest in 7 Years

Ministry of Industry Announces 'Preliminary Monthly Trends in the Automobile Industry'
Production, Domestic Sales, and Exports All Increase, Achieving 'Triple Growth' for Two Consecutive Months

[Sejong=Asia Economy Reporter Kwon Haeyoung] Last month, domestic automobile export value nearly increased by 50% compared to a year ago, driven by the strong performance of eco-friendly vehicles such as electric cars. This is the largest export value for February in seven years. Thanks to strong domestic and overseas sales and the expansion of exports of high value-added models, production, domestic sales, and exports all increased, achieving a 'triple increase' for two consecutive months.

According to the 'Preliminary Monthly Trend of the Automobile Industry in February 2021' announced by the Ministry of Trade, Industry and Energy on the 15th, automobile production last month was recorded at 260,958 units, up 37.9% compared to the same period last year. Although the number of business days decreased, new car sales in the domestic market showed strong performance.

Last month, automobile exports achieved 161,886 units sold, up 35% from a year earlier, and export value reached $3.53 billion, up 47%, driven by strong global automobile market sales and the expansion of exports of high value-added models such as SUVs. The average daily export value was also $207 million, the second highest February performance ever after February 2012 ($208 million).

In particular, although the export proportion of SUVs decreased this month, the export proportion of eco-friendly vehicles such as electric cars expanded, leading the export growth trend. For eco-friendly vehicle exports, the number of units sold increased by 70.9% to 24,932 units compared to a year ago, and export value increased by 102.6% to $700 million, achieving the highest export for any February on record. The export share of eco-friendly vehicles also rose from 12.5% in February last year to 16% this February. Most notably, the number of electric vehicle exports more than doubled to 9,085 units, driving the export increase.

In the domestic market, a total of 123,317 vehicles were sold last month, an increase of 24.2% compared to a year ago. Although the number of business days decreased, strong sales of new models such as the Carnival, GV70, and Tucson continued. Domestic cars increased by 24.3% to 100,753 units, and imported cars rose by 23.5% to 22,564 units, with domestic cars surpassing the growth rate of imported cars for the first time in five months. The Grandeur was the best-selling car, followed by the Carnival, Tucson, K5, and Avante.

Automobile parts exports increased by 8.9% compared to a year ago to $1.96 billion, continuing for four consecutive months due to sustained preference for domestic finished cars and strong global market exports. This is the first time in 30 months since April to August 2018 that automobile parts exports have increased for more than four months.

This content was produced with the assistance of AI translation services.