Auto exports up 7% in July to hit new high on demand for environmentally friendly models

Korea's auto exports rose 7 percent in July from a year earlier to a new record high, driven by strong demand for environmentally friendly models, data showed Thursday.

The combined value of automobile shipments came to $6.24 billion last month, according to data from the Ministry of Trade, Industry and Resources, setting a new record for any July.

The Trade Ministry said exports of green automobiles maintained solid growth, surging 25.5 percent from a year earlier to $2.59 billion.

Outbound shipments to North America and the European Union climbed 18 percent and 23.5 percent, respectively, to $3.25 billion and $880 million.

Domestically, 139,000 vehicles were sold last month, up 0.5 percent from a year earlier. The number of locally produced cars rose 11.3 percent to 352,000, the ministry said.

Six out of 10 vehicles sold in the domestic market were all-electric, gasoline hybrid or other environmentally friendly models.

"By closely communicating with the industry, the government plans to cope with uncertainties in the automobile industry during this critical period of transition toward future mobility solutions," a government official said.

Yonhap