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Monthly trade infographics

Korea's automobile exports log double-digit growth between Jan and May

Exports of eco-friendly cars are on the rise, accounting for 25% of Korea's total automobile exports

Monthly trade infographics

Korea's automobile exports log double-digit growth between Jan and May

Jul 12, 2021 (Gmt+09:00)

2 Min read

Automobile exports log double-digit growth for five straight months

In May 2021, exports of automobiles nearly doubled compared to the year-earlier period, logging double-digit growth for five consecutive months. Exports of eco-friendly cars accounted for 25% of the total automobile exports, accelerating the transition in export structure. Also, exports of auto parts rose for seven straight months.

Source: Korea Automobile Manufacturers Association, Korea International Trade Association

Car exports on a yearly basis

Unit: $100 million

Exports of automobiles turned sluggish after 2015 but began to show signs of a rebound in 2019. However, the upward trend was cut short in 2020 due to the global COVID-19 crisis. In 2021, outbound shipments of automobiles are expected to pick up again and reach $46 billion -- recovering to the 2015 level.

img

Car exports in 2021

Exports of automobiles maintained double-digit growth from January to May of this year. Korea logged $19.6 billion with 874,694 units, up by 47.5% in export amount and 26% in units, respectively, compared to the year-earlier period.

img

Outbound shipments of automobiles in May

In terms of export regions in May, North America accounted for the highest volume of outbound shipments followed by the EU and Eastern Europe. As for Latin America and Oceania, exports surged by 321% compared to the year-earlier period.

Exports by region

(Unit: $1 million)
img

Exports of auto parts in May

In May, outbound shipments of auto parts reached $1.82 billion, up by 182.2% from the year-earlier period. Inconsistent demand prompted some plants to sporadically adjust their production volume, but improved consumer sentiment in major markets such as the US, EU and China helped boost the car sales market. As a result, auto parts exports have logged growth for seven months in a row.

Export region

(Unit: $1 million)
img

Exports of eco-friendly automobiles

Unit: Number of items

Exports of eco-friendly automobiles have logged growth for five consecutive months, accounting for 25% of the total automobile exports. In May, some 27,507 units were exported, up by 36% compared to the year-earlier period, alongside fetching $870 million in export volume. Hybrid cars, plug-in hybrid cars and hydrogen cars all saw a rise in outbound shipments, notably among hybrid automobiles.

Exported units of eco-friendly cars in 2021

(Unit: Car units, from Jan to May)
img

Exports of eco-friendly cars in May 2021

(Unit: $1 million)
img
img

Petroleum products become driving force behind South Korea's export market

Exports of petroleum products turned positive this year, driving South Korea to double-digit growth. As international oil prices recovered, petroleum products rebounded in two years and three months – becoming the driving force behind the country’s export growth. Rising demand for products following the COVID-19 recovery is expected to carry momentum.

Source: Ministry of Trade, Industry and Energy (MOTIE), Korea Petroleum Association

April exports

Korea’s exports logged around $51.2 billion in April, exceeding $50 billion for two months straight and reaching an all-time high in the history of April exports. All of the export items posted balanced growth, with 13 out of 15 major export items achieving double-digit growth. In particular, intermediate goods that had been stagnant such as general machinery, petrochemical goods, petroleum products and textile got back on track following the global trade recovery, which played a significant role in Korea’s export growth.

April exports

(Unit: %)

Source: Korea Rural Economic Institute

Petroleum products

Petroleum products are made by refining crude oil such as diesel fuel, gasoline, kerosene, naphtha and lubricants. Korea’s exports of petroleum products turned positive in March, and went on to reach $2.9 billion in April, up by 96.4% from the year-earlier period and reaching an all-time high in one year and three months.

(Unit: $1 million, % compared to the year-earlier period)

Global economic recovery has led international oil prices to surge, also increasing the unit value for exports of petroleum products. Korea saw the exports of petroleum products increase for two consecutive months following recovering demand for petroleum.

Up by 208.6%
from the previous year

International oil price
(Dubai oil, $/B)

Up by 120.4%
from the previous year

Export unit value for
petroleum products ($/B)

Up by 96.4%
from the previous year

Petroleum product exports
(Billion dollars)

Petroleum products exports in Q1

Following the change in different countries' demand for petroleum products, Korea’s oil refining industry is seeking ways to boost exports of petroleum products by devising customized strategies for target countries.

Export countries
(Unit: %)

Export volume
(Unit: %)

Exports to China doubled compared to the previous year (19%)

Exports of heating fuel (kerosene) increased by 22% due to oil refinery shutdown in Fukushima after the February earthquake

Korea's oil industry beefed up exports to Australia after British Petroleum, Exxon Mobil announced plans to shut down oil refineries

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Despite worsening economic conditions due to the COVID-19 crisis, South Korea’s secondary battery business saw a rise in its key indicators, including production, export and domestic demand.

K-Battery sets all-time highs in exports for 5 years in a row

Despite worsening economic conditions due to the COVID-19 crisis, South Korea’s secondary battery business saw a rise in its key indicators, including production, export and domestic demand. Last year, Korean companies’ global production volume for secondary batteries stood at 23.3 trillion won ($21 billion), climbing more than 20% from the 19.4 trillion won in 2019. The export volume has continued to grow for five straight years, standing at $7.5 billion. The EV lithium-ion battery drove the overall export volume due to the growing market size of global electric vehicle (EV) and battery electric vehicle (BEV) market. The solid export performance is owing to Korean firms being prepared to meet the demands of the rapidly growing EV battery markets in major economies, including in Europe, the US and in China.

Source: Ministry of Trade, Industry and Energy

Secondary battery production

Lithium-ion battery, lead-acid battery (excluding components)

(Unit: Trillion Korean won)

Secondary battery exports

Lithium-ion battery, lead-acid battery (including components)

(Unit: $1 million)

EV lithium-ion battery drives exports

(Unit: $1 million)

Secondary batteries are rechargeable batteries. Lithium-ion batteries and lead-acid batteries are primary examples of secondary batteries. Lithium-ion batteries have become the leading force amid the growing EV market, accounting for 65% of secondary battery exports.

Korean firms’ market shares rise in the global EV battery market

Source: SNE Research (2020)

(Unit: %)

Korea’s major secondary battery makers -- LG Energy Solution, Samsung SDI and SK Innovation -- saw their market shares surge in the global EV battery market compared to the year-earlier period. In 2020, the three firms’ combined market shares stood at 34.7%, more than doubling their share from the previous year.

Three Korean battery makers’ combined market shares

EV & Energy Storage System (ESS) market growth expected to push demand for batteries

Secondary batteries are projected to see strong demand as upstream sectors, such as EV and ESS, continue to expand following the green initiatives launched in key markets such as in Europe, the US and China. In particular, the US is expected to firm up its energy policies under President Joe Biden’s new administration, such as rejoining the Paris Agreement and committing to carbon neutrality by 2050. Likewise, Europe is pushing for the same by 2050 and China has also announced plans to be carbon neutral by September, 2060. The growing secondary battery market is fueling competition over battery makers such as increased investments in facility expansion alongside the emergence of new market players. In the meantime, however, the top six companies from Korea, China and Japan are expected to take the lead.

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Automobile exports log double-digit growth for five straight months

In May 2021, exports of automobiles nearly doubled compared to the year-earlier period, logging double-digit growth for five consecutive months. Exports of eco-friendly cars accounted for 25% of the total automobile exports, accelerating the transition in export structure. Also, exports of auto parts rose for seven straight months.

Source: Korea Automobile Manufacturers Association, Korea International Trade Association

Car exports on a yearly basis

Unit: $100 million

Exports of automobiles turned sluggish after 2015 but began to show signs of a rebound in 2019. However, the upward trend was cut short in 2020 due to the global COVID-19 crisis. In 2021, outbound shipments of automobiles are expected to pick up again and reach $46 billion -- recovering to the 2015 level.

img

Car exports in 2021

Exports of automobiles maintained double-digit growth from January to May of this year. Korea logged $19.6 billion with 874,694 units, up by 47.5% in export amount and 26% in units, respectively, compared to the year-earlier period.

img

Outbound shipments of automobiles in May

In terms of export regions in May, North America accounted for the highest volume of outbound shipments followed by the EU and Eastern Europe. As for Latin America and Oceania, exports surged by 321% compared to the year-earlier period.

Exports by region

(Unit: $1 million)
img

Exports of auto parts in May

In May, outbound shipments of auto parts reached $1.82 billion, up by 182.2% from the year-earlier period. Inconsistent demand prompted some plants to sporadically adjust their production volume, but improved consumer sentiment in major markets such as the US, EU and China helped boost the car sales market. As a result, auto parts exports have logged growth for seven months in a row.

Export region

(Unit: $1 million)
img

Exports of eco-friendly automobiles

Unit: Number of items

Exports of eco-friendly automobiles have logged growth for five consecutive months, accounting for 25% of the total automobile exports. In May, some 27,507 units were exported, up by 36% compared to the year-earlier period, alongside fetching $870 million in export volume. Hybrid cars, plug-in hybrid cars and hydrogen cars all saw a rise in outbound shipments, notably among hybrid automobiles.

Exported units of eco-friendly cars in 2021

(Unit: Car units, from Jan to May)
img

Exports of eco-friendly cars in May 2021

(Unit: $1 million)
img
img
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Increased time spent at home due to the prolonged COVID-19 pandemic has led to the rise in exports of cleaning and disinfecting appliances, including dishwashers, clothes dryers, air purifiers and vacuum cleaners. The cumulative exports for these household appliances surged by 22.5~71.5% in September 2020, compared to the year-earlier period. In particular, vacuum cleaner exports jumped by 71.5% compared to the previous year.


*Click on image to view full size

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Consumers checking out HiteJinro's fruit-flavored soju in Singapore

South Korea’s food and beverage (F&B) exports set a new record in 2020 and are projected to rise even higher this year.

According to Korea Customs Service on June 14, the country’s F&B exports totaled $4.28 billion last year, growing 14.7% from $3.73 billion in 2019.

The segment is still strong this year, recording $1.59 billion exports up to April. Industry analysts say the annual figure will likely surpass 5 trillion won ($4.47 billion) in 2021.

Korean F&B products enjoyed by international consumers have previously been limited to only a few well-known condiments and dishes such as kimchi, bulgogi (marinated beef BBQ) and bibimbap (mixed rice and vegetable bowl).

But thanks to the growing popularity of all things Korean in all corners of the world, industry experts say that the global community has been showing greater interest in Korean food and beverages. 

Korea’s largest kimchi producer Daesang Corp.’s has recently focused on exporting seaweed to Southeast Asia. While salted dried seaweed is typically consumed with white rice in Korea, Daesang noted that Indonesians eat seaweed as a snack.

Daesang, in partnership with a local brand Mamasuka, introduced a range of snack-sized seaweed products with flavor offerings not available in Korea such as Korean BBQ or salted egg flavors, as well as the original seaweed product made to eat with rice.

Thanks to the huge success of its products, Daesang now holds a 63% share of the seaweed market in Indonesia.

Daesang's Chung Jung One Mamasuka seaweed products sold in Indonesia offer flavors not offered in Korea, such as salted egg and Korean BBQ.

Dongwon F&B Co., the country’s largest producer of canned tuna, is also entering the Southeast Asian market with Dongwon Kimchi Tuna, which will also receive Halal certification, according to the company.

The Korean fried chicken franchise Chicken Plus, whose main menu includes chicken dishes and tteokbokki (spicy stir-fried rice cakes), entered Malaysia in 2018. Now Chicken Plus also has franchises in China, Japan and Vietnam.

Tteokbokki captured the attention of BTS fans globally in recent years after multiple photos of its members eating the dish spread across social media.

BTS members eating tteokbokki and other Korean snacks

In the beverage segment, Korea’s dominant soju industry leader HiteJinro Co. is leading the promotion of Korean drinks overseas.

Soju, ironically, was picked as the worst item among all Korean food and drinks last year when the Ministry of Agriculture, Food and Rural Affairs (MAFRA) conducted a comprehensive study involving 8,000 international consumers. Many said that soju lacks both an appealing odor and taste compared to drinks familiar to foreign consumers such as wine or whiskey.  

HiteJinro tackled the issue with fruit-flavored soju products, already a bit hit in Korea in 2015.

After introducing Jinro Grapefruit and other fruit-flavored soju items in Southeast Asia, HiteJinro said that the numbers indicate that more locals there are enjoying the drink.

According to the company’s analysis, only 24.5% of total soju consumption in Malaysia was by locals back in 2016, when the vast majority was still consumed by overseas Koreans at Korean restaurants. HiteJinro says that the figure rose to 82.7% last year, meaning eight out of every 10 soju bottles were drunk by locals in Malaysia.

By Jong-kwan Park

pjk@hankyung.com

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South Korea has maintained its position as the world's seventh-largest exporter despite its exports dropping by over five percent last year, according to the World Trade Organization (WTO) on Feb. 28.

Korea exported $512.5 billion worth of goods last year, down by 5.5% from the previous year. The country was overtaken by Hong Kong, which jumped from being the ninth-largest exporter to the sixth-largest exporter as its exports rose by 2.6% last year. But Korea maintained its status, as France, which had ranked higher, saw its exports plunge by 14.5% last year and dropped to ninth place.

Meanwhile, Korea accounted for 3.1 percent in global exports, a modest rise from 2.9% in 2019. China held the title as the world's largest exporter, with its exports reaching around $2.6 trillion, up by 3.7% from the year-earlier period and almost fivefold Korea's volume. China has maintained the lead in exports since 2009.

The US came in second with $1.4 trillion worth of exports, followed by Germany ($1.38 trillion), the Netherlands ($674.5 billion), Japan ($641.4 billion) and Hong Kong ($548.8 billion).

Trailing behind Korea was Italy, with exports of goods amounting to $496.1 billion, France ($488.3 billion) and Belgium ($419.3 billion).

In terms of percentage change among the world's top 10 exporters, China and Hong Kong were in the lead as their exports increased amid the global pandemic by 3.7% and 2.6%, respectively. Korea came in fourth with minus 5.5 percent. 

Korea's exports began to suffer when the COVID-19 crisis spread worldwide in April 2020, with its exports plunging by 25.6% and posting negative growth between May and August.

In November 2020, Korea was able to rebound due to recovering demand for semiconductors and displays. The Ministry of Economy and Finance expects the country's exports to rise by 8.6% this year, backed by global trade recovery and the booming semiconductor industry.

By Min-jun Suh

morandol@hankyung.com

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