Korean Exports Endure with Automobiles... Record High of $6.5 Billion in March

'Exports of High-Value Eco-Friendly Cars Surpass 70,000 Units'
Record Highs for 2 Consecutive Months
Monthly Production Exceeds 400,000 Units for the First Time in 6 Years

Last month, automobile export value reached $6.5 billion (approximately 8.5 trillion KRW), setting a new record high. It was found that the export of eco-friendly vehicles led to this record achievement.

According to the March automobile industry trends compiled by the Ministry of Trade, Industry and Energy, automobile export value increased by 64.1% compared to the same month last year.

This is analyzed to be due to the increase in exports of eco-friendly vehicles, which have higher export unit prices, including electric vehicles. For passenger cars, eco-friendly vehicle exports exceeded 70,000 units for the first time ever, marking record highs in both export volume and export value. Exports to the U.S. of electric, hydrogen, and plug-in hybrid vehicles, which are eligible for the U.S. Inflation Reduction Act (IRA) tax credit, reached 14,000 units, setting a new record high.

The number of automobiles exported was 262,341 units, driven by strong global sales of domestic brands. This is the highest figure in 6 years and 3 months since December 2016, when 298,000 units were exported. However, parts exports decreased by 5.3%.

Production volume also reached 409,806 units, surpassing 400,000 units per month for the first time in 6 years since March 2017. This is a 35.6% increase compared to the same month last year.

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