Hyundai Motor Group headquarters (Yonhap)
South Korea’s car exports reached an all-time high in November on strong demand for eco-friendly cars and stable supply of automotive semiconductors, data showed Monday.
The value of outbound shipments of automobiles came to $5.4 billion last month, up 31 percent on-year to set the largest monthly record, according to the data from the Ministry of Trade, Industry and Energy.
In terms of volume, a total of 219,489 vehicles were sold overseas last month, up 25 percent from the previous year and also marking a record high, the data showed.
Both exports value and volume have marked an on-year rise for five months in a row.
During the first 11 months of this year, the country sold vehicles worth $48.7 billion abroad, already surpassing the yearly figure for the whole 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 rising demand for eco-friendly vehicles.
The export value of eco-friendly cars jumped 20.3 percent on-year in November to an all-time monthly high of $1.49 billion. It also marked the 23rd consecutive month of on-year growth.
The number of eco-friendly cars sold last month rose 14.8 percent to 50,042 units. Of them, sales of electric vehicles jumped 27.4 percent on-year to 22,341 units, according to the ministry.
Eco-friendly cars accounted for 22.8 percent of the country’s total car exports in terms of volume last month, according to the data.
By nation, exports to North America surged 51 percent to $2.63 billion, and those to the European Union rose 6.3 percent to $788 million.
Sales in Asian nations spiked 73.2 percent to $479 million, and those in the Middle East grew 14.1 percent to $481 million, according to the ministry.
Exports of auto parts inched up 0.8 percent on-year to $1.86 billion last month, the data showed. (Yonhap)