SEOUL - South Korean automobile exports to the United States have surpassed the previous all-time high, reaching over 1.17 million units in the January-November period of 2023. This significant milestone outstrips the record set in 2015, reflecting a robust recovery and growth in the automotive sector.
According to Yonhap News Agency, the total exports of South Korean cars to the U.S. during the first eleven months of this year amounted to 1,172,612 units. This figure already exceeds the highest annual record of 1,066,164 units set eight years ago. With December's data yet to be included, it is anticipated that the annual total will further increase.
The surge in exports represents a remarkable turnaround from the decline experienced in 2021, when numbers fell to around 800,000 units. This drop was attributed to the impacts of the COVID-19 pandemic and the implementation of protectionist trade policies by the United States under the administration of former President Donald Trump.
The recovery and subsequent growth in exports have been credited to the proactive strategies adopted by South Korean automakers. These companies effectively navigated global supply chain disruptions and capitalized on the weakened competitive landscape. Notably, the diversification of export products played a crucial role in this achievement. South Korean car manufacturers have increasingly focused on electric and eco-friendly vehicles, alongside premium models, to bolster their presence in the U.S. market.
Market analysts highlight the success of specific models in driving this growth. Hyundai Motor Co.'s Ioniq 5, for example, saw a 33.4 percent increase in sales compared to 2022. Additionally, Hyundai's premium Genesis sedans experienced a 10.6 percent year-on-year increase in sales during the same period.
The remarkable performance of South Korean auto exports to the U.S. in 2023 reflects not only a recovery from the pandemic-induced downturn but also the strategic positioning and innovation of the South Korean automotive industry in a highly competitive global market.