South Korean car exports drop 5.5% in September amid Middle East unrest

According to official figures, South Korea's car exports slipped to $6.05 billion in September, marking a 5.5% year-on-year decline. The Ministry of Trade, Industry and Resources attributed the slowdown to heightened tensions in the Middle East and a drop in used-car shipments caused by stricter market regulations. While shipments to North America and the European Union grew by 9.2% and 15.3% respectively, exports to Asian markets and the Middle East plunged 60% and 7.1%.

Eco-friendly vehicles, including battery-electric and hybrid models, posted a 5.9% rise, reaching $2.89 billion. Domestic vehicle sales fell 14.3% due to the Chuseok holiday, yet overall production rose 3.7% as automakers improved productivity after wage deals with unions. The ministry said it will work closely with the industry to sustain growth amid rising competition from Chinese manufacturers.