South Korean Carmakers’ Exports Reach Eight-Year High

SEOUL – South Korea's automotive industry achieved a significant milestone last year, as exports from the country's six major car manufacturers surged to the highest level in eight years.

According to Yonhap News Agency, these automakers, including Hyundai Motor Co. and Kia Corp., exported 2.76 million vehicles to 196 countries in 2023, marking a 20.1 percent increase from the previous year.

This achievement represents the first time since 2015 that South Korean carmakers have surpassed the 2.7 million unit threshold in annual exports. The United States emerged as the largest market, with 1.3 million units sold, followed by significant sales in Canada (218,721 units), Australia (169,205 units), and Germany (92,692 units). However, exports to China and Japan were notably lower, with 2,571 units and 1,506 units sold, respectively.

A notable decline was observed in the Russian market, where outbound shipments from South Korea plummeted by 94.3 percent to just 808 units last year. This dramatic drop highlights the changing dynamics and challenges within global automotive markets, as well as the shifting geopolitical landscape's impact on trade.

scroll to top