Seoul, Oct 31
South Korea's exports of passenger cars fell for the first time in over two years in the third quarter of 2024 on weak demand for eco-friendly cars, particularly in Europe, data showed on Thursday.
South Korean carmakers shipped US$13.96 billion worth of passenger cars during the July-September period, down 4.7 percent from a year earlier, according to the Korea Customs Service.
It marked the first on-year fall since the first quarter of 2022, when car exports inched down 0.6 per cent, reports news agency.
In terms of volume, exports of South Korean vehicles fell 3 percent on-year to 590,000 units.
Imports rose 12.6 per cent to $3.04 billion in the third quarter, the first on-year increase since the fourth quarter of 2023, data showed.
The decline in exports came as overseas sales of eco-friendly cars shed 1.27 per cent on-year to $5.42 billion in the third quarter.
In detail, demand for electric cars sank 44.4 per cent to $2 billion, while sales of hybrid vehicles reached a record high of $3.01 billion.