Unit price of South Korean car exports reaches record high in 2023

Seoul, Dec. 25 (BNA): The average unit price of South Korean car exports is expected to hit an all-time high in 2023 thanks to stellar overseas demand for sport utility vehicles (SUVs) and electric vehicles (EVs), industry data showed Monday.

In the first 11 months of this year, South Korea exported a total of 2.52 million units of automobiles, worth 64.5 trillion won (US$49.5 billion), with the average unit price reaching 25.6 million won, according to the data from the Korea Automobile & Mobility Association (KAMA), YONHAP reported.

It is the first time that the unit price, or the price of a single product, has exceeded 25 million won, KAMA said.

The figure has been on a steady growth over the past few years, rising from 16.7 million won in 2018 and 17.9 million won in 2019.

With the increase in the unit price, KAMA predicted that the total value of the country’s car exports will likely top 70 trillion won for the first time.

Cumulative exports through November this year amounted to 64.5 trillion won, already surpassing last year’s annual export value of 54 trillion won.

KAMA attributed the rise in the unit price of car exports to rising popularity of higher value-added cars, like SUVs and EVs, in international markets.

During the 11-month period, 18.3 million units of Korean SUVs were shipped overseas, accounting for 72.8 percent of the total passenger car exports.

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Overseas sales of EVs soared 65.7 percent on-year to 316,000 units over the cited period, while exports of hybrid cars reached 283,000 units.


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