The value of built-up vehicles exported from South Korea fell by 4% year-on-year to US$ 6.53 billion in April 2025, according to data released by the Ministry of Trade, Industry and Energy, due mainly to a sharp fall in shipments to the US after the Trump administration hiked import duties to 25% in late March.
Exports to the US plunged by almost 20% to US$ 2.89 billion in April, which was offset in part by higher shipments to other markets in Asia, the European Union (EU), the Middle East and Latin America.
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An official at the Ministry confirmed that exports to the US declined sharply last month due mainly to the higher US import tariffs, and also as a result of the ramp up of production at Hyundai Motor Group’s new assembly plant in Savannah, in the US state of Georgia.
By volume, total exports fell by 2.2% to 385,621 vehicles last month, with Hyundai Motor Group encompassing the Hyundai, Genesis and Kia brands, and General Motors Korea, accounting for most of the shipments.
In the first four months of 2025 the value of new vehicles exported from South Korea fell by 2% year-on-year to US$ 23.8 billion.
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By GlobalData
