Korean Car Exports Surge Amid Massive Hybrid Vehicle Demand

The Korean Ministry of Trade, Industry and Resources reported significant car export growth today. Rising global demand for hybrid cars drove this impressive surge.

Hitting Near-Record Export Numbers

Total car exports reached an impressive 6.37 billion dollars last month. This figure represents a 2.2 percent increase from March last year.

The industry achieved its second-highest March export record ever. A massive boom in hybrid vehicle sales caused this outstanding performance.

The total value of hybrid exports jumped by an incredible 79 percent.

Shifting Global Market Shipments

Car shipments to the European Union recorded strong 33 percent growth. However, Asian exports declined by 38.4 percent recently.

Middle Eastern markets also saw a 40.8 percent export drop.

Positive Domestic Sales Trends

Local market figures also revealed very positive domestic automotive trends. Dealerships sold 164,813 cars inside the country during the past month.

This excellent number represents a solid 10.2 percent year-on-year sales increase.