Korea’s auto exports value grows 28.5% in October

The Ministry of Trade, Industry and Energy announced on November 11 that Korea’s automobile production, domestic sales and exports all recorded double-digit growth of 24.2 percent, 15.2 percent and 30.2 percent, respectively.
Automobile exports in value increased 28.5 percent to USD 4.9 billion.
Despite the identical number of operating days as those of previous year, automobile output in October climbed 24.2 percent to 327,486 units on the backs of a base effect from automotive chip shortages in 2021.
Domestic sales increased 15.2 percent for both Korean and foreign brands to 144,363 units in total. Domestic brands saw finished cars sales rise across almost all carmakers, advancing 11.6 percent to 118,569 units. Foreign brands gained 35.5 percent to 25,794 units, thanks to continued demand for electric vehicles (EVs).
Green cars sold within Korea grew 16.0 percent to 39,612 units, increasing for the ninth consecutive month. The gain was led by demand for EVs, which soared 70.7 percent to 18,684 units. Fuel cell electric vehicles (FCEVs) followed the ascent by 17.1 percent growth, totaling 1,101 units in sales. Meanwhile, hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs) declined by 7.5 percent and 48.4 percent, respectively.
Automobile exports for October reached 208,544 units and $4.9 billion, both rising for the fourth consecutive month in double digits.
In terms of units, local demand for domestic models is fueling exports to overseas markets, while improved chip supply conditions are enabling wider production of finished cars. Three producers of medium-sized cars, in particular, boasted three-digit growth.
By exports value, eco-friendly cars and SUV brands experienced high demand overseas, hitting historic highs for October monthly exports.
Eco-friendly car exports moved up 36.1 percent to 52,279 units and 27.1 percent to $1.5 billion in value, respectively, both landing second place in terms of all green car exports performance.
In terms of exports value, green cars’ monthly shipments overseas entered the $1.0 billion thresholds for the first time, surpassing $1 billion for the 14th consecutive month and occupying 29.4 percent of total automobile exports.
Robust demand for HEVs and EVs drove up this year’s accumulated (January-October) units in green car exports to 0.45 million units ($12.9 billion), surpassing previous year’s annual exports of 0.41 million units ($11.7 billion).
By destination, shipments to the U.S. (up 60.2 percent to $2.4 billion), EU (up 12.4 percent to $0.7 billion), Africa (up 1.3 percent to $37 million), Oceania (up 10.8 percent to $0.3 billion) and Asia (up 91.1 percent to $0.4 billion) expanded, whereas those to the GCC (down 4.1 percent to $0.4 billion) and Latin America (down 13.0 percent to $0.2 billion) contracted.
The value of auto parts shipped overseas surged 3.1 percent to 1.8 billion, the gain attributable to improved auto chip supply conditions and prominent demand in the U.S. (up 27.2 percent to $651 million) and Latin America (up 15.9 percent to $213 million).

Source: Ministry of Trade, Industry and Energy

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