S Korea's auto exports grow over 2% in June despite US tariffs
SEOUL
South Korea's automobile exports rose from a year earlier in June as a sharp rise in shipments to Europe and Asia more than offset a decline in shipments to the United States caused by US tariffs, data showed on Thursday.
The value of outbound shipments of automobiles grew 2.3 percent on-year to US$6.3 billion in June, marking the highest monthly figure in history for any June, according to data from the Ministry of Trade, Industry and Energy.
In terms of volume, exports fell 8.8 percent on-year to 244,427 vehicles. The ministry attributed the rise in value despite a drop in volume to an increase in shipments of high value-added vehicles, such as sport utility vehicles (SUVs) and electric vehicles (EVs).
Cars for export pack a port in Pyeongtaek, south of Seoul, on April 2, 2025, as US President Donald Trump was due to announce reciprocal tariffs the same day, with an additional 25 percent tariff on all cars made outside of the United States to take effect as planned on April 3.
Exports to the United States fell for the fourth consecutive month, dropping 16 percent on-year to $2.7 billion.
The US began imposing 25 percent tariffs on all imported vehicles and auto parts in April. Shipments to the European Union and Asia surged 32.6 percent and 35.6 percent on-year to $770 million and $620 million, respectively, partly offsetting the decline in exports to the US.
Vehicle exports to the Middle East grew 11.9 percent to $520 million.
'Notable growth was seen particularly in Germany and the Netherlands, where exports nearly doubled,' the ministry said.
At home, sales of automobiles rose 5.8 percent on-year to 145,843 units in June. Domestic production remained flat at 353,233 units.
More than 72,000 units of eco-friendly vehicles were sold in South Korea in June, up 36 percent from a year earlier, according to the ministry.
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