Record surge in South Korea's car exports in June

South Korea’s car exports rose by 5.8% year-on-year in June to reach a new record high, driven by strong sales of electric and hybrid vehicles. According to data released by the Ministry of Trade, Industry and Energy, the total value of car exports reached $6.71 billion last month, setting a new record for any June. Exports to North America, Latin America, and the European Union rose by 12.3%, 5.1%, and 13.7%, respectively, according to the Korean News Agency Yonhap. The ministry said that exports of environmentally friendly cars maintained strong growth, rising 31.3% year-on-year to $2.9 billion. In the domestic market, 159,700 cars were sold last month, a 9.5% increase. Sales of locally manufactured cars rose by 3% to 120,220 units, while sales of imported cars jumped 35.6% to 39,400 units. Data also showed that local car production increased by 11.6% year-on-year to 394,200 units, with production at Hyundai Motor and Kia rising by 10.9% and 16.2%, respectively.