South Korea’s automobile exports turnover rose 4.6 percent on year in August despite softening in global demand, led by electric and sport utility vehicles.

According to data from the Ministry of Trade, Industry and Energy and Korea Automobile Manufacturers Association (KAMA) on Monday, the nation’s automobile shipments value reached $2.97 billion in August, up 4.6 percent on year and extending its winning streak for the fifth consecutive month for the first time since June 2017. Automobile exports during the first 10 days of this month also jumped 20 percent from the previous year, according to data from Korea Customs Office.

But volume fell. The country shipped 165,154 units of cars last month, down 3.4 percent from a year earlier. Unit sales of passenger cars declined 2.8 percent and commercial vehicles 15.1 percent.

By automakers, Hyundai Motor exported 8.7 percent fewer units of vehicles last month from a year ago, Kia Motor 2.3 percent, Ssangyong Motor 13.8 percent and Renault Samsung 7.3 percent. GM Korea was the only carmaker that recorded an increase in unit shipment by 25.4 percent.

From January to August, unit sales of Hyundai and Kia grew 7.5 percent and 6.5 percent, respectively, compared with the previous year, but that of GM Korea fell 3.5 percent, Ssangyong 22.1 percent and Renault Samsung 38.9 percent.

Strong demand in the U.S. and Europe for SUVs and electric vehicles carrying higher unit prices contributed to the overall gain in export turnover last month. Hyundai’s family SUV Palisade that began U.S. shipments in June sold 4,464 units in July and 5,115 units in August. Korean SUV models including Hyundai’s Tucson and Kona and GM’s Trax were at the top rank of best-selling vehicles in the overseas market.

The uptick in auto exports was also driven by brisk sales of the nation’s two largest automakers Hyundai and its sibling Kia in the U.S. market. Their sales last month increased 13.8 percent, surpassing sales gain of Japanese cars at 13.1 percent.

Thanks to the growing demand for Hyundai’s Kona EV and Kia’s Niro EV in Europe, outbound shipments of Korean EVs surged 106.7 percent on year to $252 million in August.

By Lee Hong-hyuk and Choi Mira

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]