South Korea's Auto Exports Surge in January Driven by Eco-Friendly Vehicles

South Korea's government announced on Thursday that the country's automobile exports increased by 21.7% in January compared to the same period last year. According to Jin10, this growth is attributed to the substantial export of eco-friendly vehicles and an increase in the number of working days. Data from the Ministry of Trade, Industry, and Energy revealed that last month's total automobile export value reached $6.07 billion, marking the second-highest record for the same period. This surge was primarily driven by strong demand for electric vehicles (EVs) and hybrid cars. EV exports rose by 21.2% year-on-year, reaching $780 million, while hybrid car exports soared by 85.5%, totaling $1.71 billion. By destination, exports to the United States increased by 19.2% to $2.66 billion, and exports to the European Union grew by 34.4% to $871 million. However, exports to Asia decreased by 30.1%, falling to $325 million.