S. Korea's H1 vehicle exports hit record high: customs data

SEOUL, July 11 (Yonhap) -- South Korea's exports of vehicles hit a record high during the first half of this year amid improving consumer sentiment in major economies, customs data showed Monday.
According to the data by Korea Customs Service, South Korea exported US$19.1 billion worth of cars during the January-June period, up 30.4 percent from a year earlier. The number of vehicles shipped overseas also grew 15.9 percent on-year to 1.5 million.
The spike in sales was mainly due to increased shipments to the United States, the European Union, Russia and Brazil, the data showed. In particular, the U.S.-bound shipments in terms of value jumped 40.8 percent in the first half.
Exports bound for the European Union spiked 53.5 percent from a year earlier, while those for Russia and Brazil also jumped 71.4 percent and 31.5 percent, respectively, the data showed.
South Korean automakers sold relatively bigger and more expensive vehicles with engine displacements exceeding 1,500 cc worth $16.7 billion during the first half. That was up 32.7 percent from the same period a year earlier.
During the same period, however, smaller vehicles with engine displacements of less than 1,000 cc declined 21 percent to $300 million, the data showed.
The customs office expects that car exports will likely continue to improve in the months to come despite many uncertainties lingering in the global markets.
"Although there are variables that we need to think about such as economic situations, exchange rates and oil prices, we expect that exports of vehicles will likely continue into the second half of this year," a customs official said.
Meanwhile, imports of automobiles also increased during the first half. South Korea imported $1.7 billion worth of vehicles during the cited period, up 38.1 percent from a year earlier. The number of imported cars also grew 20.9 percent to 55,000, according to the data.
kokobj@yna.co.kr