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According to Yonhap News,

(SEOUL=Yonhap News) South Korea's automobile exports jumped last month compared with a year earlier, thanks to brisk demand for new SUVs and more working days, government data showed Monday.

The outbound shipments of vehicles reached 230,086 units worth US$3.92 billion in October, up a sharp 32.2 percent compared with a year ago, according to the data by the Ministry of Trade, Industry and Energy.

The rise was attributable to the longer working days as the Chuseok holiday fell in October last year. The numbers were further bolstered by strong demand for new SUVs and eco-friendly cars.

Shipments to North America, a major auto market, skyrocketed 66.8 percent on-year to $1.67 billion, and those to European Union members rose 22.9 percent to $732 million, data showed.

Among cars shipped abroad, electric vehicles made up the fastest growing segment, with their overseas sales reaching 20,000 for the first time last month.

Sales of auto parts also vaulted 37.9 percent to $2.15 billion, led by upbeat sales in North America and Europe, the latest data showed.

The number of cars produced in the nation also soared 36 percent in October as there were five more working days compared with a year ago.

Domestic sales of vehicles moved up 23.6 percent to 160,881 units in the one-month period.

Sales of home-grown brands advanced 22.9 percent to 138,184, and those of foreign brands soared 27.6 percent to 22,697.

Eco-friendly cars, including hydrogen fuel cell cars, electric vehicles and hybrids, saw strong sales in the home market, marking a 67.5 percent growth to 13,326 units.

ejkim@yna.co.kr

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Source: Yonhap News (November 12, 2018)