Car exports fall for first time in 2.5 years in Q3 on weak EV demand

Cars set to be exported at a Hyundai Motor quay in Ulsan, Aug. 17, 2022. Newsis Korea's exports of passenger cars fell for the first time in over two years in the third quarter of 2024 on weak demand for eco-friendly cars, particularly in Europe, data showed Thursday.

Korean carmakers shipped $13.96 billion worth of passenger cars during the July-September period, down 4.7 percent from a year earlier, according to the Korea Customs Service.



It marked the first on-year fall since the first quarter of 2022, when car exports inched down 0.6 percent. In terms of volume, exports of Korean vehicles fell 3 percent on-year to 590,000 units.

Imports rose 12.6 percent to $3.04 billion in the third quarter, the first on-year increase since the fourth quarter of 2023, data showed.

The decline in exports came as overseas sales of eco-friendly cars shed 1.27 percent on-year to $5.42 billion in the third quarter.

In detail, demand for electric cars sank 44.4 percent to $2 billion, while sales of hybrid vehicles reached a record high of $3.01 billion.

By destination, car exports to the United States rose 1.2 percent in terms of value in the July-September period, and those to Canada and Saudi Arabia advanced 30.2 percent and 5.

2 percent, respectively. But demand from Australia fell 7.4 percent and that from Britain and France tumbled 8.

3 percent and 27.5 percent, respectively. The average price of cars shipped in the third quarter slid 1.

7 percent on-year to $23,562. That of imports sank 10.7 percent on-year to $40,711, the data showed.

(Yonhap).