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Exports of passenger cars hit record high in 2022

Jan. 30, 2023 - 10:19 By Yonhap
Vehicles for export are lined up at a dock inside the Hyundai Motor Group’s Ulsan plant. (HMG)

South Korea's exports of passenger cars rose 15 percent on-year in 2022 to reach a record high, data showed Monday, on the back of robust shipments of eco-friendly models.

Carmakers shipped passenger cars worth a combined $49 billion in 2022, up from $42.6 billion tallied a year earlier, according to the data compiled by the Korea Customs Service.

The number of cars shipped reached 2.31 million units, also rising 10.1 percent on-year, the agency added.

South Korea's imports of passenger cars, meanwhile, advanced 8.9 percent over the period to reach $14 billion.

The customs agency attributed the robust performance to the improved supply of automotive chips, coupled with the growing demand for eco-friendly models, such as electric vehicles around the globe.

Exports of eco-friendly cars advanced 37.2 percent on-year to hit $16 billion in 2022, hitting an all-time high. They also accounted for the highest portion of 32.6 percent, the agency said.

The recovering demand from major markets, including the United States and the European Union, also led to stronger exports.

By destination, exports to the US moved up 29.7 percent to $22.1 billion. Shipments to Germany and Spain also increased 4 percent and 15 percent, respectively, the data showed.

Exports to Australia and Britain rose 33.4 percent and 16.1 percent, respectively, on-year in 2022 as well.

In the fourth quarter, South Korea's exports of passenger cars moved up 25.9 percent to $14.1 billion, also setting a new monthly record. The number of cars shipped rose 21.9 percent over the period to 650,000 units. (Yonhap)