[Asia Economy Reporter Choi Dae-yeol] Last year, South Korea's automobile export value reached the highest level ever recorded. This was thanks to selling many expensive vehicles overseas.
According to the annual automobile industry trend data released by the Ministry of Trade, Industry and Energy on the 30th, last year's automobile export value was $54.1 billion, the highest on an annual basis. It increased by 16% compared to the previous year. The previous record was $48.4 billion in 2014. Last month's export value was $5.43 billion, setting a new monthly record, surpassing the previous highest monthly figure of $5.4 billion in November last year.
The increase in export value is due to the higher sales of luxury brands and eco-friendly vehicles such as electric and hybrid cars overseas. Eco-friendly vehicles are priced around $30,000 on average per unit, about 1.5 times more expensive than internal combustion engine vehicles (approximately $20,000), which South Korea mainly exports. Although the number of exported vehicles last year was 2.31 million, much less than 3.17 million in 2014, the export value was higher because more expensive cars were sold overseas.
Among the vehicles exported last year, eco-friendly vehicles accounted for about 550,000 units, a 37% increase compared to the previous year. The export growth rate of internal combustion engine vehicles (1.76 million units) was about 8% during the same period. Hyundai's luxury brand Genesis increased its export volume from about 63,000 units in 2021 to 81,000 units last year. The export value of eco-friendly vehicles was $16.1 billion, also breaking the previous record of $11.7 billion in 2021.
By company, in addition to Hyundai and Kia, the three mid-sized manufacturers also saw increases. In terms of volume, Hyundai and Kia exports increased by about 10% and 9%, respectively, while Korea GM increased by 25%, Ssangyong Motor by 62%, and Renault Korea by about 63%.
Last year, domestic automobile production was 3.76 million units, about 9% higher than the previous year. However, the domestic market was 1.68 million units, about 2% lower during the same period. It is expected to rank 5th in annual automobile production, following China, the United States, Japan, and India, the same as the previous year. Automobile parts export value was $23.3 billion, about 2% higher than the previous year.
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