Ministry of Trade, Industry and Energy

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today that Korea’s automobile exports from January–November 2024 amounted to a record high of USD 64.8 billion.

November automobile exports reached $5.6 billion (down 13.6 percent year-on-year), the second highest export value for the month on the backs of the high export growth rate attained by some of Korea’s major mid-size carmakers. However, November automobile exports overall suffered a year-on-year decline as heavy snow in the Seoul capital area reduced shipments at a couple of ports in the region.

Meanwhile, hybrid electric vehicles (HEVs) contributed substantially to Korea’s automobile exports and domestic sales for November. HEV exports entered the $1 billion threshold for the fourth consecutive month with $1.03 billion (up 55.6 percent) and their domestic sales logged an unprecedented 50,021 units (up 21.6 percent).

Total domestic automobile sales slid 7.9 percent to 147,841 units but still ranked first among this year’s monthly sales as a result of the stronger industry-wide sales promotion and the Korea Sale FESTA.

Automobile production slid 7.1 percent to 344,355 units owing to the lower number of working days (-1 weekday) and setbacks in parts supply.