According to Yonhap News Agency, the combined value of car shipments in July totaled US$5.4 billion, down from $5.9 billion during the same month last year. Despite the decline, this amount represents the second-highest value recorded for July, following last year’s exceptional increase of 15 percent which marked the best July performance historically.
The report also highlighted a significant 56.6 percent surge in overseas sales of hybrid vehicles, which reached $980 million in July, bolstering the overall export figures. Meanwhile, for the first seven months of 2023, auto exports have risen by 2 percent year-on-year, reaching a record $42.4 billion.
Additionally, exports of auto parts saw a 9.5 percent increase, reaching $2.2 billion, marking the highest level since November 2016. However, domestic production faced challenges, declining 17.6 percent to 290,000 units in July, influenced by wage negotiations at major carmakers and the summer vacation period.
Car sales within South Korea also saw a decrease, falling 2.7 percent to 130,000 units last month.