South Korean Car Exports Reach Record Unit Price in 2023

Seoul, South Korea - The Korea Automobile and Mobility Association (KAMA) revealed that the average unit price of South Korean car exports is projected to reach a record high in 2023. This surge is driven by robust international demand for sport utility vehicles (SUVs) and electric vehicles (EVs). In the first eleven months of 2023, South Korea exported 2.52 million automobiles, totaling 64.5 trillion won (US$49.5 billion), with an average unit price of 25.6 million won.

According to Yonhap News Agency, This is the first time the unit price has surpassed 25 million won, continuing a trend of steady growth from 16.7 million won in 2018 and 17.9 million won in 2019. KAMA anticipates the total value of the country's car exports to exceed 70 trillion won for the first time, with cumulative exports through November 2023 already outpacing the previous year's total of 54 trillion won. The increase in export value is attributed to the rising global popularity of high-value-added vehicles, such as SUVs and EVs. During the eleven-month period, South Korea exported 18.3 million units of SUVs, making up 72.8 percent of total passenger car exports. Additionally, overseas sales of EVs increased by 65.7 percent to 316,000 units, and hybrid car exports reached 283,000 units.

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