Last month, South Korea’s car exports soared to a record-breaking high with a 15 percent increase from the previous year. According to the Ministry of Trade, Industry and Energy, the value of outbound shipments of automobiles totaled $5.9 billion in July. Additionally, the country achieved the milestone of surpassing the $40 billion mark in exports over the course of the first seven months of 2023.
The growth of car exports was mainly driven by the strong global demand for eco-friendly vehicles. The export value of these cars was up 36 percent year-on-year to $2 billion in July, and the volume of exports increased 10.4 percent to 59,799 vehicles. This means that one out of every four South Korean cars sold in the global market was an eco-friendly one.
Domestic production of cars also rose 8.8 percent on-year to 352,972 units in July due to the steady supply of automotive semiconductors. However, car sales dropped 5 percent to 136,089 units last month, the first decline since August 2022.
This file photo taken Sept. 16, 2022, shows cars ready to be shipped at Hyundai Motor Co.'s factory in the southeastern city of Ulsan. (Yonhap)