Last Month's Car Exports Reach All-Time High... Approaching Semiconductor Levels

Ministry of Trade, Industry and Energy February Secondary Industry Trends

The Ministry of Trade, Industry and Energy announced on the 20th that last month's automobile export value was tentatively estimated at $5.6 billion, the highest monthly level ever recorded.

The previous record for the highest export value was $5.42 billion in December last year. Last month's export value increased by 47% compared to the same period last year. Production last month rose by 30% year-on-year, domestic sales increased by 20%, and export volume increased by 35%.

Automobile parts export value was $2.02 billion, up 13% during the same period. The combined export value of automobiles and parts was $7.62 billion, accounting for about 15% of South Korea's total exports. Semiconductors stood at $5.96 billion, and petroleum products at $4.68 billion. The Ministry explained that automobiles have emerged as the country's top export item.

President Yoon Suk-yeol visited the Hyundai Motor Ulsan Plant export loading dock on the 9th and headed toward the ship transporting export vehicles, guided by Chung Eui-sun, Chairman of Hyundai Motor Group.

The increase in export value exceeding the increase in export volume is due to the rise in exports of eco-friendly vehicles, which have a higher unit price per vehicle. Exports of eco-friendly vehicles surpassed 60,000 units monthly for the first time. The export value also reached a record high of $2.02 billion.

Last month's domestic automobile production was estimated at 344,000 units, a 30% increase compared to a year ago, as the supply shortage of vehicle semiconductors eased. Hyundai Motor, Kia, Korea GM, and SsangYong Motor all saw double-digit growth. Renault Korea increased by about 4%.

Domestic sales reached 147,000 units, an increase of about 20%. The best-selling passenger car was Hyundai Motor's new Grandeur. Domestic cars sold 125,000 units, and imported cars sold 22,000 units. The top export model was Korea GM's SUV Trailblazer. By export region, North America increased significantly by 66%, and all regions increased steadily: Europe (35%), Middle East (48%), Asia (81%), Oceania (11%), and Latin America (46%).