According to the Ministry of Trade, Industry and Energy, the automobile export value in May was recorded at $5.83 billion, a 5.9% decrease compared to the same month last year. Production totaled 329,559 units, and domestic sales reached 127,315 units, reflecting declines of 8.2% and 10.3%, respectively. For the first five months of the year, cumulative export value and production fell by 2.6% and 2.3%, while domestic sales saw a slight increase of 1.0%.
The drop in automobile exports is attributed to a combination of sluggish performance in key markets and production disruptions. Regionally, exports to Oceania (20.1%) and Africa (16.1%) increased, while exports to North America (-1.0%), the European Union (-6.5%), Asia (-37.3%), and the Middle East (-4.2%) declined.
Notably, the decline in exports to Asia and the Middle East was pronounced. The ministry analyzed that the prolonged conflict in the Middle East has led to logistical challenges and a decrease in used car exports, among other domestic and international factors. Additionally, production disruptions due to a fire at a safety equipment factory and reduced working days contributed to the downward trend.
The overall automobile industry faced challenges, but eco-friendly vehicles demonstrated robust growth. The export value of eco-friendly cars reached $2.4 billion, marking a 9.9% increase from the previous year, accounting for over 40% of total automobile exports. Hybrids comprised approximately 65% of eco-friendly vehicle exports, driving the expansion in this sector.
In the domestic market, eco-friendly vehicles also showed strength. Domestic sales of eco-friendly cars in May totaled 77,179 units, a 5.5% increase compared to the same month last year, making up over 60% of total domestic sales. Electric vehicles surged by 65.4% to 35,416 units, although hybrid domestic sales fell by 19.6%.
The ministry stated, "Global economic slowdown and uncertainties from major automakers' increased local sourcing continue to pose challenges. We will maintain close communication with the industry to monitor changes in parts supply, logistics conditions, and export markets."
* This article has been translated by AI.
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