S. Korea breaks passenger car export record in 2023

South Korea’s passenger car exports has witnessed a record-breaking surge of over 30 per cent last year, buoyed by the growing demand for eco-friendly models, Yonhap news agency reported, citing the customs agency on Tuesday. 

In 2023, domestic carmakers increased their passenger car exports to a total of $63.81 billion, marking a 30.2 per cent rise from the previous year’s $49 billion, as per data from the Korea Customs Service. 

The number of cars exported also increased by 18.3 per cent to 2.73 million units, which resulted from better automotive chip supplies and strong demand for electric and other eco-friendly vehicles. 

Furthermore, eco-friendly model exports surged by 50.6 per cent to hit a record $24 billion in 2023, making up a record 37.6 per cent of the country’s total passenger car exports. 

Exports to the United States and Canada climbed by 44.7 per cent and 43.9 per cent, respectively, while shipments to Germany and Australia also went up by 62.3 per cent and 5.7 per cent, respectively.

South Korea’s passenger car imports hit a record $14.5 billion last year, marking a 3.3 per cent increase from the previous year. However, the number of units imported dropped by 8.1 per cent to 300,000 in 2023.