This file photo, taken Sept. 16, 2022, shows cars waiting to be shipped at Hyundai Motor Co.’s factory in the southeastern city of Ulsan. (Yonhap)
SEOUL, Dec. 12 (Korea Bizwire) — South Korea’s car exports reached an all-time high in November on strong demand for eco-friendly cars and stable supply of automotive semiconductors, data showed Monday.
The value of outbound shipments of automobiles came to US$5.4 billion last month, up 31 percent on-year to set the largest monthly record, according to the data from the Ministry of Trade, Industry and Energy.
In terms of volume, a total of 219,489 vehicles were sold overseas last month, up 25 percent from the previous year and also marking a record high, the data showed.
Both exports value and volume have marked an on-year rise for five months in a row.
During the first 11 months of this year, the country sold vehicles worth $48.7 billion abroad, already surpassing the yearly figure for the whole 2021, and is expected to hover above the $50 billion mark for the first time ever, according to the ministry.
The brisk sales were mainly on the back of rising demand for eco-friendly vehicles.
The export value of eco-friendly cars jumped 20.3 percent on-year in November to an all-time monthly high of $1.49 billion. It also marked the 23rd consecutive month of on-year growth.
The number of eco-friendly cars sold last month rose 14.8 percent to 50,042 units. Of them, sales of electric vehicles jumped 27.4 percent on-year to 22,341 units, according to the ministry.
Eco-friendly cars accounted for 22.8 percent of the country’s total car exports in terms of volume last month, according to the data.
This file photo provided by Hyundai Motor shows the IONIQ 6 all-electric model.
By nation, exports to North America surged 51 percent to $2.63 billion, and those to the European Union rose 6.3 percent to $788 million.
Sales in Asian nations spiked 73.2 percent to $479 million, and those in the Middle East grew 14.1 percent to $481 million, according to the ministry.
Exports of auto parts inched up 0.8 percent on-year to $1.86 billion last month, the data showed.
Domestic demand and production also marked on-year growth for four months in a row.
Domestic production grew 25.4 percent on-year to 379,797 units last month, a record monthly high for this year.
Of major firms, production by Hyundai Motor Co. and its affiliate Kia Corp. grew 16.7 percent and 25.9 percent, respectively. The two carmakers accounted for about 85 percent of the country’s total car production.
Domestic sales of automobiles increased 8.4 percent on-year to 155,942 units in November.
The number of eco-friendly cars sold at home jumped 25.8 percent to a record monthly high of 42,604 units.
“The brisk performance came despite multiple downside risks, such as interest rate hikes in major nations and supply disruptions due to truckers’ strike,” the ministry said in a release.
But smaller auto part companies have been affected by recent economic difficulties, and the government plans to devise supportive measures, it added.
(Yonhap)
