A Hyundai Motor quay in Ulsan, 410 kilometers southeast of Seoul, is packed with cars for export, in this file photo taken Sept. 16, 2022. (Image courtesy of Yonhap)
SEOUL, Jan. 16 (Korea Bizwire) — South Korea’s car exports jumped 31 percent on-year last year, driven by the growing global demand for premium eco-friendly automobiles, data showed Tuesday.
Outbound shipments of cars reached US$70.9 billion in 2023, compared with $54.1 billion a year ago, according to the Ministry of Trade, Industry and Energy.
Of the volume, eco-friendly cars accounted for a record amount of $24.2 billion, up 50 percent over the period.
The average price of each car shipped came to $23,000, advancing 9.5 percent to an all-time high level as well.
“While there have been concerns over the U.S. Inflation Reduction Act, the government continued to communicate with Washington to have local eco-friendly cars eligible to win subsidies of up to $7,500 when used for lease or rental,” the ministry said in a statement.
In terms of numbers, South Korea shipped 2.76 million units of cars in 2023, up 20.3 percent on-year, the data also showed.
By destination, exports to North America shot up 44.7 percent to hit $36.9 billion, followed by the European Union with $10.8 billion, up 32.9 percent.
Exports to Asian countries reported $5.68 billion, up 28.7 percent, with those to the Middle East reaching $5.48 billion, rising 13 percent over the period.
The domestic sales of automobiles in 2023, meanwhile, gained 3.3 percent to 1.73 million units. The domestic production came to 4.24 million units in 2023, advancing 13 percent on-year.
For December, South Korea’s car exports hit $6.3 billion, up 17.9 percent on-year. Domestic production moved up 4 percent to 367,622 units, while sales decreased 11 percent to 143,249 units, the data showed.
(Yonhap)
