Seoul, Dec. 12 (BNA): South Korea’s auto exports reached an all-time high in November, due to strong demand for environmentally friendly cars and stable supplies of automotive semiconductors, data showed Monday.
Data from the Ministry of Commerce, Industry and Energy said that the value of outgoing shipments of cars reached US$5.4 billion last month, up 31 percent year-on-year to set the largest monthly record, according to data from the Ministry of Commerce, Industry and Energy.
The data showed that in terms of volume, 219,489 vehicles were sold abroad last month, up 25 percent from the previous year and also marking a record high.
The value and volume of exports have increased year-on-year for five consecutive months.
During the first 11 months of this year, the country sold $48.7 billion worth of automobiles abroad, already surpassing the annual figure for the whole of 2021, and is expected to hover above the $50 billion mark for the first time ever, according to the ministry.
The brisk sales were mainly on the back of growing demand for environmentally friendly vehicles.
The value of green-car exports jumped 20.3 percent year-on-year in November, reaching an all-time monthly high of $1.49 billion. It also marked the 23rd consecutive month of year-over-year growth.
The number of green cars sold last month rose 14.8 percent to 50,042 units. Among them, sales of electric vehicles jumped 27.4 percent year on year to 22,341 units, according to the ministry.
Environmentally friendly cars accounted for 22.8 percent of the country’s total auto exports by volume last month, according to the data.
By country, exports to North America rose 51 percent to $2.63 billion, and exports to the European Union increased 6.3 percent to $788 million.
Sales in Asian countries increased by 73.2% to $479 million, and sales in the Middle East grew by 14.1% to $481 million, according to the ministry.
The data showed that exports of auto parts increased 0.8% year-on-year to reach $1.86 billion last month.
Domestic demand and production grew year-on-year for four consecutive months.
Domestic production grew 25.4 percent year-on-year to 379,797 units last month, the highest monthly level for this year.
Among the majors, production by Hyundai Motor Company and its subsidiary Kia grew by 16.7% and 25.9%, respectively. The two automakers accounted for about 85 percent of the country’s total auto production.
Domestic vehicle sales rose 8.4% year-on-year to 155,942 units in November.
The number of eco-friendly cars sold at home jumped 25.8 percent to a monthly record of 42,604 units.
“The rapid performance came despite multiple downside risks, such as higher interest rates in major countries and supply disruptions due to the truckers’ strike,” the ministry said in a statement.
But, she added, smaller auto parts companies have been affected by the recent economic hardship, and the government plans to put in place supportive measures.
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