Korea’s automobile export value grows 31.0% in November

The Ministry of Trade, Industry and Energy announced on December 12 that Korea’s automobile production, domestic sales and exports (units) all recorded double-digit growth of 25.4 percent, 8.4 percent and 25.0 percent, respectively. Automobile exports in value increased 31.0 percent to USD 5.4 billion.

This is the fourth consecutive month for all the indices above to show growth.

Automobile output in November climbed 25.4 percent to 379,797 units, rising for the seventh consecutive month. This is attributed to improving conditions for semiconductor supply.

Despite interest hikes and cargo truckers’ strike, January-November accumulated exports have surpassed records of the previous year, in both units and value.

Domestic sales increased 8.4 percent to 155,942 units, an all-time high in both domestic and foreign brands. Korean brands dominated the ranking for top five best selling cars.

Domestic car brands saw sales surge 2.8 percent to 126,730 units, while foreign models enjoyed a base effect from the 2021 chip shortage, advancing 41.9 percent to 29, 212 units in domestic sales.

Green cars sold within Korea hit historic highs, increasing for the 10th consecutive month to 42,604 units. The gain was led by continued demand for popular models of hybrid electric vehicles (HEVs) (up 15.3 percent to 24,892 units) and new releases. Domestic sales of electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) jumped 45.3 percent and 47.9 percent, respectively, to 15,403 units and 1,213 units. Fuel cell electric vehicles (FCEVs) increased 26.7 percent to 1,096 units.

All of both domestic (up 22.3 percent to 30,213 units) and foreign (up 35.1 percent to 12,391 units) eco-friendly models advanced in domestic sales.

Automobile exports for November reached 219,489 units and $5.4 billion, both posting double-digit growth for the fifth consecutive month. Accumulated exports (January-November) recorded an unprecedented $48.7 billion, increasing the chance of entering the $50 billion thresholds in annual exports for the first time.

Eco-friendly car exports grew 14.8 percent to 50,042 units and 20.3 percent in value to $1.5 billion, both posting growth for 23 months straight.

Outbound shipments of HEVs (up 8.2 percent to 24,054 units) and EVs (up 27.4 percent to 22,341 units) drove up overall eco-friendly car exports, taking up 22.8 percent of the entire automobile exports.

By destination, shipments to most regions expanded, with the U.S. (up 51.0 percent to $2.6 billion), EU (up 6.3 percent to $0.8 billion), Asia (up 73.2 percent to $0.5 billion) the GCC (up 14.1 percent to $0.5 billion), Oceania (up 68.5 percent to $0.4 billion), Latin America (up 22.8 percent to $0.2 billion) and Africa (up 27.8 percent to 66 million) all showing increased demand.

Car parts exports inched up 0.8 percent to $1.9 billion as finished car production enhanced on the backs of improved chip supply.

Source: Ministry of Trade, Industry and Energy

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