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Korea’s automobile export value turns to positive growth in November 2021-12-15

The Ministry of Trade, Industry and Energy announced on December 15 that Korea’s automobile export value increased 3.3 percent, turning to positive growth in three months. In terms of volume, automobile production, domestic sales, and exports decreased 6.6 percent, 16.0 percent, and 4.7 percent, respectively.

The export value posted growth due to expansion of high value-added vehicles. Green car exports showed the highest monthly value on record.

Automobile production in November went down 6.6 percent to 302,983 units. The automotive chip shortage situation eased, but GM Korea experienced delay in production.

Car sales in Korea lost 16.0 percent to 143,815 units due to a high base effect and a sharp decline in imported vehicles (down 29.2 percent to 20,585 units). Locally produced cars (down 13.3 percent) contracted as well.

Meanwhile, sales of eco-friendly cars in Korea improved 20.2 percent to 33,869 units, rising for 22 consecutive months. This is attributable to strong sales of electric vehicles (EVs), which surpassed 10,000 units for four straight months. Hybrid electric vehicles (HEVs) decreased 4.5 percent to 21,582 units and plug-in hybrid electric vehicles (PHEVs) fell 52.7 percent to 820 units, while EVs soared 205.1 percent to 10,602 units and fuel-cell hybrid vehicles (FCEVs) spiked 137.0 percent to 865 units.

Automobile exports went down 4.7 percent to 178,994 units, but the export value inched up 3.3 percent to $4.1 billion and turned to positive growth in three months.

Green car exports jumped 76.2 percent to 44,178 units and the export value increased 64.8 percent to $1.2 billion, both at record highs. Shipments of all eco-friendly car types expanded – HEVs (up 105.1 percent to 22,616 units), PHEVs (up 45.3 percent to 3,688 units), EVs (up 54.8 percent to 17,793 units), and FCEVs (up 575.0 percent to 81 units). In particular, sales of HEVs and EVs reached record high numbers.

Outbound shipments of auto parts edged down 2.2 percent to $1.8 billion due to ongoing chip shortages. Shipments to the U.S. and China slowed down.

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