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S.Korea's passenger car export grows in Q3

30 Oct 2020, 16:05 GMT+10

SEOUL, Oct. 30 (Xinhua) -- South Korea's passenger car export grew in the third quarter on higher automotive price, customs office data showed Friday.

Vehicle shipment amounted to 9.3 billion U.S. dollars in the July-September quarter, up 3.4 percent from the same quarter of last year, according to Korea Customs Service.

Sedan import declined 6.9 percent over the year to 2.7 billion dollars in the third quarter.

The export growth was attributable to higher export price. The average export price for passenger vehicles increased 8.2 percent to 17,627 dollars per unit in the cited quarter.

The average import price for foreign sedans fell 0.4 percent to 35,682 dollars in the quarter.

The number of exported passenger cars was 530,000 in the third quarter, down 4.4 percent from a year earlier. The reading for imported vehicles reduced 6.5 percent to 70,000.

In terms of value, sedan export to the United States, Canada and Britain advanced in double figures in the quarter, but those to Russia, Saudi Arabia and Spain slumped in double digits.

The shipment of environmentally-friendly passenger vehicles hit a record quarterly high of 1.84 billion dollars in the third quarter, up 18.0 percent from a year earlier.

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