Korea’s auto exports fall 4.3% in August

SEOUL: The Republic of Korea's car exports fell 4.3 percent on-year in August, data showed Thursday, although robust shipments of hybrid models limited the overall decline. Yonhap News Agency quoted the Ministry of Trade, Industry and Energy as saying that the combined value of car shipments reached US$5.1 billion in August. The number of cars shipped totalled 188,619, down 6.2 percent over the period. Outbound shipments of hybrid cars, however, increased 85 percent on-year in August to reach $1.07 billion, amid growing demand for eco-friendly automobiles in the global market. The number of cars produced totalled 289,948 in August, down 7.1 percent from a year earlier. Domestic sales of automobiles reached 128,199, down 1.9 percent over the period. Source: Emirates News Agency