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South Korea's passenger car exports hit all-time high of $49 billion in 2022

By Park Yoon-bae Posted : January 30, 2023, 13:40 Updated : January 30, 2023, 13:40

[Yonhap]

SEOUL -- South Korea’s passenger car exports reached a record high of $49.02 billion last year, helped by rising global demand for eco-friendly models, according to the Korea Customs Service (KCS) on January 30.
 
The sum represented a robust 15 percent increase from 2021. The number of exported cars climbed 10.1 percent year-on-year to 2.31 million units.
 
The KCS said the upbeat performance was attributed to a surge in the shipments of environmental-friendly cars, a stabilized supply of automotive semiconductors, and rebounding demand for passenger cars in North America and Europe.
 
The country’s exports of eco-friendly models soared 37.2 percent year-on-year to $15.96 billion in 2022, reaching the highest level and accounting for 32.6 percent of the total passenger car shipments. The proportion was up from 27.3 percent in 2021.
 
Particularly, exports of electric vehicles were estimated at $8.11 billion, occupying 16.5 percent of the total passenger car shipments. Hybrid models came second with $6.21 billion (12.7 percent), followed by plug-in hybrid cars with $1.64 billion (3.4 percent).
 
The KCS said shipments to the United States surged 29.7 percent to $22.1 billion. Exports to Australia, Saudi Arabia and Israel also soared 33.4 percent, 31.4 percent and 30.4 percent, respectively.
 
The United Kingdom posted a 16.1 percent increase in importing Korean-made cars, followed by Canada (8.7 percent) and Germany (4 percent).
 
South Korea’s passenger car imports increased 8.9 percent year-on-year to $14 billion in 2022, according to the KCS. The number of imported cars was estimated at 320,000, up 8.8 percent from a year earlier.
 
Imports of eco-friendly cars jumped 15.5 percent to $6.59 billion, hitting the highest level and accounting for 47 percent of the country’s total passenger car imports.
 
 

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