South Korean Passenger Car Exports Rise 16% in Q3 Due to Eco-Friendly Models

SEOUL — Exports of South Korean passenger cars rose by 16 percent in the third quarter of 2023 compared to the same period last year, driven largely by demand for eco-friendly models, according to data released on Monday.

According to Yonhap News Agency, South Korean carmakers exported US$14.6 billion worth of passenger cars between July and September, up from $12.6 billion a year earlier. The number of cars shipped also increased, totaling 610,000, marking a 2.9 percent growth over the period. Exports of eco-friendly models specifically surged by 35.6 percent to $5.5 billion. Meanwhile, imports declined by 22.8 percent to $2.7 billion during the same period.

In terms of destination, exports to the United States saw an increase of 24.5 percent in value, while those to Canada and Australia rose by 21 percent and 14.4 percent, respectively. The average price of exported cars was $23,979, an increase of 12.7 percent on-year, while that of imported cars reached $45,575, up 5.4 percent.

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