South Korea’s auto exports rose nearly 50% year-on-year in February, hitting a record high on strong demand for eco-friendly cars, according to Monday’s data. Last month’s car shipments were $5.59 billion, up 47.1% from a year earlier, according to Ministry of Commerce, Industry and Energy data.
This is the highest monthly amount, the previous record being $5.42 billion in exports last December. In terms of volumes, exports were 222,934 units, up 34.8% year-on-year. By region, vehicle exports to North America increased by 65.7% to $2.74 billion, while exports to the European Union increased by 35.3% to $855 million.
Shipments to Middle Eastern countries also increased 47.8% to $502 million, while shipments to Asia increased 81.2% to $455 million. Demand for eco-friendly vehicles was strong, and overall sales volume remained strong.