Seoul, Dec 21 (IANS) South Korea’s auto exports rose 13.7 per cent in November from a year earlier, data showed on Sunday, driven by robust shipments of eco-friendly and hybrid models.

The combined value of automobile exports came to $6.4 billion in November, supported by base effects after outbound shipments tumbled last year due to snow-related shipping disruptions, according to the Ministry of Trade, Industry and Resources.

Exports of eco-friendly cars jumped 23.4 percent to 78,436 units, marking 11 consecutive months of on-year gains, reports Yonhap news agency.

Among eco-friendly models, exports of hybrid automobiles surged 40 percent to 54,296 units in November.

By destination, exports to the United States rose 5.1 percent on-year in November to $2.69 billion, snapping eight consecutive months of declines following Washington’s new tariff policy.

Seoul and Washington reached an agreement to lower tariffs on automobiles to 15 percent from the 25 percent imposed in April.

Exports to the European Union increased 3.4 percent to $820 million, while those to Asian countries advanced 32.1 percent to $730 million, the data showed.

Meanwhile, South Korea’s exports increased 8.4 per cent from a year earlier in November to over $61 billion, marking the sixth consecutive month of increase on the back of strong demand for semiconductors, government data showed.

Outbound shipments came to $61.04 billion last month, the highest for any November, according to the data compiled by the Ministry of Trade, Industry and Resources, reports Yonhap news agency.

Imports gained 1.2 per cent on-year to $51.3 billion, resulting in a trade surplus of $9.73 billion.

Accumulated exports in the January-November period reached $640.2 billion, a record high for the cited period, raising expectations that the country’s annual exports will surpass the $700 billion mark for the first time in its history this year.

—IANS

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