This Year's Car Export Unit Price Surpasses 25 Million Won for the First Time in History

Export Unit Price Rises 53% in 5 Years
SUVs and Eco-Friendly Cars Lead Price Increase
Export Value Also Hits Record High, Expected to Surpass 70 Trillion Won

The export unit price of finished vehicles surpassed 25 million won for the first time in history. According to the Korea Automobile Manufacturers Association (KAMA) on the 25th, from January to November this year, South Korea's finished vehicle export volume and export value were 2.52 million units and 64.5 trillion won, respectively, with an average export unit price of 25.59 million won per vehicle. The export unit price increased by 8.89 million won (53%) over the past five years.

[Image source=Yonhap News]

The export unit price of finished vehicles was 16.7 million won in 2018, 17.92 million won in 2019, 19.83 million won in 2020, 22.77 million won in 2021, and 23.5 million won in 2022. The price increase is analyzed to be driven by the rising exchange rate over the past two years and the strong export performance of high value-added vehicles such as SUVs and eco-friendly electric cars. The export volume of SUVs reached 1.83 million units, accounting for 72.8% of the export share. Exports of eco-friendly vehicles are also expected to exceed 700,000 units for the first time this year.

This year, the export value of finished vehicles is also likely to surpass 70 trillion won for the first time in history. The cumulative export value up to November this year is 64.5 trillion won, already exceeding last year's annual export value of 54 trillion won. In particular, Hyundai Motor Company became the first automobile manufacturer to receive the 'Export Tower' award, which is given to the company that achieves the highest export value. An industry official said, "The rise in export unit price means that South Korea has sold many expensive cars overseas," adding, "The perception that Korean cars are low-priced is being dispelled."