Korea’s automobile exports top US$5bn in July

August 17, 2022

Korea’s automobile exports totaled US$5.14 billion in July on the back of rising demand for Korean eco-friendly vehicles. It was the first time that the nation’s monthly automobile exports topped US$5 billion.

Last month, automobile exports swelled 25.3 percent from the same month last year, according to a report released by the Ministry of Trade, Industry and Energy (MOTIE) on Aug. 15. The growth was led by eco-friendly vehicles. The proportion of eco-friendly vehicles in total car exports reached 28.6 percent in July, up 6.4 percentage points from the same month last year.

Korean automakers logged export increases in emerging as well as developed markets — 84.4 percent in Asia, 35.7 percent in North America, 14.1 percent in Latin America, 4.8 percent in the Middle East and 4.0 percent in the European Union.

Automobile exports in July totaled 223,633 units, up 23.1 percent from a year earlier. Korea’s monthly car exports exceeded 200,000 units for the first time in 28 months since March 2020.

Last month, eco-friendly car exports increased by 60.1 percent from a year ago to reach 54,222 units. The export value came in at US$1.47 billion, recording an increase for 19 consecutive months, an all-time record. Monthly exports of eco-friendly vehicles exceeded 50,000 units for the first time in July.

In July, domestic sales of eco-friendly cars hit 37,735 units, up 26.8 percent from the same month last year, the highest-ever for July.

Electric vehicle sales from January to July in 2022 hit 314,000 units. Eco-friendly vehicles, including electric vehicles (1.4 million), accounted for 5.6 percent of the total registered vehicles in Korea.

Meanwhile, aggregate automobile sales in Korea totaled 143,293 units in July, down 3.0 percent from the same month last year. The drop was attributed to a 13.8 percent decline in imported car sales in July. Sales of Korean-made cars were 121,852 units, down 0.8 percent from 2021.

Automobile production in July stood at 324,668 units, an increase of 9.1 percent compared to the same month of last year, as a shortage of automotive semiconductors eased partially. The five domestic automakers posted an increase in production: Hyundai Motor Co. 3.4 percent, Kia Corp. 9 percent, GM Korea 17.4 percent, SsangYong Motor 34 percent and Renault Korea Motors 39.7 percent.