Automobile exports highest in 7 years, reaches $23.6 billion in first half of 2021

Despite facing difficulties in procurement of automobile components amid the COVID-19 outbreak, automobile exports in the first half of 2021 have achieved the highest performance in seven years. Automobile exports in the first half of this year increased by 49.9 per cent year-on-year to 23.61 billion dollars, announced the Ministry of Trade, Industry and Energy (MOTIE) on Thursday. It further maintained that this is the highest exports performance since the first half of 2014 (25.23 billion dollars).

North America tops in automobile export

"By region, the performance of the export in the first half in North America (10.797 billion dollars, 39.7 per cent) was the highest, and the European Union (4.177 billion dollars, 56.3 per cent), and Eastern Europe (2.736 billion dollars, 80.2 per cent) were following," said MOTIE. Also, the automobile exports increased in Middle East (1.69 billion dollars, 0.9 per cent), Latin America (1.03 billion dollars, 124.6 per cent), Africa (319 million dollars, 87.3 per cent), Oceania (1.468 billion dollars, 111.3 per cent) and Asia (1.413 billion dollars, 64.9 per cent).

First double-digit increase rate since the first half of 2012

The number of the exported unit increased by 27.9 per cent to 1,049,658 units, and it marked the first double-digit increase rate since the first half of 2012. While further elaborating about the business, the Ministry of Trade, Industry and Energy said, "Korean domestic companies' efforts to increase product competitiveness even in the difficulties in shortage of automobile components led to the increase in global market share."

Hyundai Motor's sales increased by 48.1 per cent

The sales of Hyundai Motor and Kia's cars in the US increased by 48.1 per cent in the first half of this year, breaking the highest sales record of each company. During this period, the Korean automobile company's share increased by 1.2 per cent to 9.7 per cent. The exports of automobile parts increased 43.6 per cent year-on-year to 11.61 billion dollars. An official of the MOTIE said, "As consumers' demands have been raised again due to economic recovery measures in major countries, the operation rate of local factories also recovered to normal levels.

(With inputs from ANI)

Image: AP