Doha: South Korea's car exports saw an 8.6% increase in August compared to the previous year, driven by high demand for electric vehicles (EVs) in Europe, despite existing US tariffs.

According to Qatar News Agency, data from the Ministry of Trade, Industry and Energy revealed that the value of automobile exports reached $5.5 billion last month, marking the highest figure for any August on record. In terms of volume, exports increased by 5.5% year-on-year, totaling 200,317 vehicles.

The cumulative value of auto exports from January to August hit a record $47.7 billion. Exports to the European Union experienced a significant surge of 54% year-on-year, amounting to $792 million, with Germany and the Netherlands recording impressive increases of 118.7% and 110.3%, respectively. Exports to Britain rose by 115.7% year-on-year to $250 million, while shipments to Turkey jumped 96.1% to $100 million.

Conversely, shipments to North America decreased by 8.3% year-on-year to $2.55 billion in August, with exports to the US falling 15.2% to $2.1 billion. By category, exports of eco-friendly vehicles, including EVs, hybrid cars, and hydrogen EVs, rose 26.6% from the previous year, reaching 69,000 vehicles in August. Notably, EV shipments soared by 78.4%, with 23,000 vehicles exported.

Domestically, the sales of automobiles increased by 8.3% year-on-year to 139,000 units, marking the seventh consecutive month of growth. August also saw a 7.1% increase in domestic car production, reaching 321,000 units, supported by the rise in exports and domestic sales.