January Auto Export Value Increases 40%... Highest Since September 2017

Ministry of Industry Announces 'Monthly Trends in the Automobile Industry'
Last Month's Automobile Production Increased by 24.9% YoY to 314,190 Units... Triple Growth in Production, Domestic Sales, and Exports

[Sejong=Asia Economy Reporter Kwon Haeyoung] Last month, domestic automobile export value increased by 40% compared to the same period last year, marking the largest growth since September 2017. Thanks to the normalization of automobile production following the settlement of labor-management negotiations and favorable conditions in the U.S. and European markets, domestic automobile production, domestic sales, and exports all achieved double-digit growth for the first time in five months, accomplishing a 'triple increase.'

According to the 'January 2021 Monthly Automobile Industry Trend Preliminary Data' released by the Ministry of Trade, Industry and Energy on the 15th, automobile production last month was recorded at 314,190 units, a 24.9% increase compared to the same period last year. This was due to the normalization of automobile production following the labor-management agreement and the expansion of supply volume driven by strong demand from both domestic sales and exports.

Last month, automobile exports reached 192,322 units, a 29.5% increase compared to the same period last year, supported by the recovery of global automobile demand as major markets such as the U.S. and Europe resumed economic activities. The recovery of demand in the U.S., the largest automobile market, strong sales of SUVs and eco-friendly vehicles, and an increase of two business days also contributed to the rise in export volume. Most notably, the increase in Palisade exports, the high value-added export items such as Santa Fe Hybrid and GV80, led to a rise in export unit prices, resulting in a 40.2% increase in export value to 4 billion dollars. This is the largest increase since September 2017. In particular, eco-friendly vehicle exports reached a record high of 900 million dollars, accounting for 25% of total automobile exports, accelerating the transition of the export structure. Among eco-friendly vehicles, electric vehicle exports increased by 57.7% compared to the same period last year to 9,571 units, continuing a growth trend for 42 consecutive months.

In the domestic market, a total of 137,692 units were sold, a 24.9% increase compared to the same period last year. Sales were strong due to the continued effect of new models such as Grandeur, Tucson, and Carnival, and the extension of the 30% individual consumption tax reduction benefit until June. Among these, domestic cars increased by 16.9% to 115,375 units, and imported cars rose by 27.3% to 22,317 units during the same period. The Grandeur was the best-selling car last month with 8,081 units sold, following its achievement as the top-selling car for the entire previous year.

This content was produced with the assistance of AI translation services.