South Korea’s exports of automobiles reached a record $23.2 billion in the first four months of this year, helping to offset the country’s sluggish overseas shipment that has fallen for a seventh month due to sluggish chip exports.

The country’s automobile exports in April recorded $6.2 billion, the highest ever for any April. The number of exported cars during the same period reached 247,000 units, up 25.3 percent from a year ago. Overseas shipment of components were tentatively tallied at $1.9 billion, according to the Ministry of Trade, Industry and Energy on Tuesday.

Kia Corp. had the highest number of exports among carmakers from January to April this year, followed by Hyundai Motor Co., GM Korea Co., Renault Korea Motors Co., KG Mobility Co. and Tata Daewoo, according to the Korea Automobile Manufacturers Association.

Kia exported 95,398 units in April alone helped by increased production to meet global demand for its sports utility vehicles (SUVs), such as Niro and Seltos. Hyundai Motor exported 103,169 vehicles, up 18 percent from the same period last year, driven by sales of eco-friendly cars and SUVs such as Kona and Santa Fe.

Production of automobiles in April reached 382,000 units, up 24.7 percent from a year ago, and domestic sales also increased by 4.3 percent to 149,000 units. “Domestic production showed a double-digit growth as supply of parts, such as automotive semiconductors, was back on track,” said a source from the industry ministry. “Domestic sales and exports also increased as production expanded in line with rising demand at home and abroad.”

Domestic sales of eco-friendly vehicles, such as hybrid cars, electric vehicles and hydrogen cars, reached 45,000 units in April, accounting for 30.1 percent of total domestic sales, while exports reached 64,000 units or $2.05 billion, up 33.7% from a year ago.

April sales of eco-friendly vehicles in the U.S. subject to the U.S. Inflation Reduction Act (IRA) increased 15 percent from a year ago to 9,000 units, the largest since the IRA took effect in August last year.

By Park Dong-hwan and Yoon Yeon-hae

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