Middle East Tensions Slash Korea's April Auto Exports, Down 38.7% to Region

According to data released by the South Korean government on May 20, South Korea's total automobile exports in April amounted to USD 6.17 billion, down 5.5% year-on-year, impacted by geopolitical tensions in the Middle East. Exports to the Middle East plummeted by 38.7% compared to the same period last year. Meanwhile, exports to North America, Latin America, and Oceania rose by 2.4%, 23.7%, and 20.1%, respectively. In contrast, exports to the European Union and Asia declined by 13.1% and 31.7%, respectively. Domestic automobile production in April fell 6.1% year-on-year to 362,000 units, affected by disruptions in the supply chain for certain auto parts and consumers delaying purchases while awaiting new or updated models. Relevant authorities expect production disruptions caused by supply chain issues to gradually normalize starting in June.