South Korea’s automobile industry may have passed its worst from pandemic crisis, with output and domestic and overseas shipments all in double-digit rebound.

According to data released by the Ministry of Trade, Industry and Energy, the country’s auto exports surged 14.8 percent on year to 193,081 units in September in the first monthly on-year growth since the outbreak of Covid-19.

Korean car exports plunged 44.6 percent on year in April, 57.5 percent in May, 40.1 percent in June, 9.2 percent in July, and 19.5 percent in August.

The ministry attributed the recovery in auto shipments to robust sales of sport utility vehicles (SUVs) and new models amid improved auto demand in the U.S. market. Auto exports to North America, jumped 61 percent on year, data showed.

By export value, Korean carmakers shipped $3.8 billion worth of vehicles overseas in September, up 23.2 percent from a year ago thanks to a boost in demand for high value-added vehicles such as SUVs and electric cars.

In September, SUVs accounted for 71.5 percent of total outbound shipments, up 12.3 percentage points from a year ago, and electric vehicles 6.4 percent, up 2.5 percentage points.

Domestic auto sales also spiked 22.2 percent on year to 162,076 units in September. Sales were lifted mainly by strong demand for domestic brands as well as new models.

The country’s top five best-selling cars were all Korean-made cars in September, data showed. Domestic sales of environmentally-friendly vehicles also surged 158.1 percent on year to 24,375 units in September. Exports of green cars also increased 9.1 percent to 26,536 units.

Electric cars, in particular, led domestic sales and exports after sales jumped 224.2 percent and 87.8 percent, respectively, data showed.

In line with the surge in domestic sales and exports, the country’s auto production jumped 23.2 percent on year to 342,489 units in September.

Korea’s exports of auto components also reached $1.96 billion in September thanks to a rise in demand following recovery in car sales in North America and normalization of finished car inventory level in European Union.

By Lee Eun-joo

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