South Korea’s car exports fell 9.1 percent last month from a year earlier due to a high base effect, data showed Thursday.

The combined value of car shipments came to US$5.4 billion in July, down from $5.9 billion won in the same month last year, according to the data compiled by the South Korean Ministry of Trade, Industry and Energy.

Despite the decline, this still represents the second-highest value for July, according to (Yonhap) news agency.

The ministry explained that the on-year fall was due to last year’s figures, which was the best July performance ever, with a 15 percent increase.

Overseas sales of hybrid vehicles soared 56.6 percent on-year to $980 million for July, leading the overall export performance.

For the first seven months of 2023, auto exports increased 2 percent on-year, reaching $42.4 billion, the highest figure ever recorded for this period.

Exports of auto parts rose 9.5 percent to $2.2 billion from a year earlier, surpassing the $2.2 billion mark for the first time since Novemb
er 2016.

Domestic production slumped 17.6 percent on-year to 290,000 units in July due to wage negotiations at major carmakers and the summer vacation period.

Car sales within South Korea also declined by 2.7 percent to 130,000 units last month.

Source: Qatar News Agency