S.Korea’s car exports hit record high of $15.4 bn in Q1

South Korea's car exports achieved their highest-ever record in the first quarter 2023, increasing by over 40% from a year ago, according to data from the Korea Customs Service on Friday.

Particularly, exports of eco-friendly cars increased by almost 70%, amounting to $6.04 billion, which is also the highest-ever recorded figure for the first quarter.

South Korean car exports in the first quarter were $15.42 billion, up 41.1% compared to the same period last year, which is the highest-ever record for the first quarter.

The number of car exports increased by 31.1% year over year to 680,000 units. Recently, car exports have shown a favorable trend as they emerged from the semiconductor shortage.

Exports of eco-friendly vehicles, such as electric vehicles, amounted to $6.04 billion, up 68.4% compared to the same period last year, also hit a record high. The share of car exports in total exports reached a record high of 39.2%.

Destinations such as the US, Canada, Australia, the UK, Germany, Israel and Saudi Arabia saw an increase in car exports, while exports to Vietnam, Chile and South Africa decreased. Eco-friendly car exports increased in the US, Germany, Canada, France, Israel and Sweden.

The average unit price of car exports increased by 7.6% to $22,578 per unit, and the export unit price of eco-friendly cars, which rose by 8.5%, reached a record high of $31,590. Imports of cars increased by 24.6% to $3.7 billion, and the number of imported cars increased by 14.2% to 80,000 units.

The import value of eco-friendly cars increased by 34.3% to $1.81 billion, accounting for 48.3% of the total import value and leading to the total car imports. The import unit price of cars increased by 9.2% to $48,924 per unit.

Write to Nan-Sae Bin at binthere@hankyung.com