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Korea's auto exports expand 29.1% in August 2022-09-16

The Ministry of Trade, Industry and Energy announced on September 16 that Korea’s automobile production, domestic sales, and exports all increased in August by 21.0 percent, 1.0 percent and 29.1 percent, respectively.

Automobile output in August surged 21.0 percent to 284,361 units owing to partial recovery of parts supply chain and previous year’s base effect.

Domestic sales inched up 1.0 percent to 131,638 units, with higher demand for imported models. Domestic brands suffered a decline, but top five bestsellers are still domestic models.

Green cars sold within Korea jumped 9.7 percent and reached a record-breaking 35,227 units.

Electric vehicles (EVs) and fuel cell electric vehicles (FCEVs) advanced significantly, up 29.1 percent to 14,438 units, up 76.3 percent to 980 units, respectively. Eco-friendly car sales took up 26.8 percent of total domestic auto sales.

August exports of total automobiles moved up 29.1 percent to 168,155 units and reached $4.1 billion in value (up 35.9 percent), posting double-digit growth for two consecutive months.

By destination, shipments to the U.S. (up 66.8 percent), the GCC (up 35.6 percent), Latin America (up 9.0 percent), Oceania (up 45.9 percent) and Asia (up 98.7 percent) increased. Meanwhile, exports to the EU (down 8.8 percent) and Africa (down 25.9 percent) decreased.

Green car exports totaled 40,215 units (up 47.0 percent), rising for the 20th consecutive month and hitting $1.2 billion in value (up 45.7 percent). Only FCEVs declined, contracting 37.0 percent to 34 units, while hybrid electric vehicles (HEVs), EVs, and plug-in hybrid electric vehicles (PHEVs) all gained in exports, growing 62.8 percent, 32.0 percent and 34.7 percent, respectively. Green car exports take up 23.9 percent of total auto exports.

The value of auto parts shipped overseas increased 14.5 percent to $1.8 billion, driven by heightened demand for domestic brands in foreign markets.