South Korean auto exports fall 10% in October

Core Insights - The value of built-up vehicle exports from South Korea decreased by 10.5% to US$ 6.5 billion in October 2025 compared to US$ 6.2 billion a year earlier, attributed to fewer working days due to the Chuseok holidays and a significant drop in vehicle output [1][4] Export Performance - Exports to the US fell sharply by 29% to US$ 2.12 billion, influenced by a 25% import tariff imposed by the US and increased production at Hyundai's new assembly plant in Savannah, Georgia [2] - Exports to Europe decreased by 2.1% to US$ 746 million, while shipments to the Middle East declined by 13.5% to US$ 403 million [3] - In contrast, exports to Asia increased by 42% to US$ 802 million, and exports to Latin America rose by 24% to US$ 290 million [3] Electric and Hybrid Vehicle Exports - Overall exports of electric and hybrid vehicles saw a slight increase of 1% year-on-year, totaling 64,427 units valued at US$ 2 billion in October [3] - For the first ten months of 2025, the total value of new vehicles exported from South Korea reached a record high of US$ 59.6 billion [3]