Automobile companies are continuing to post strong overseas sales.

According to the Ministry of Trade, Industry and Energy’s announcement on April 9, Korea produced 425,510 cars in March 2014, showing a 16.4 percent growth over the same period last year. Of those, 286,754 units were exported.

Those exports were worth more than USD 4.6 billion last month, recording the second highest monthly export sales figure ever after the export numbers posted last December, which were worth more than USD 4.7 billion.

The strong export numbers were due to increased sales of large cars and sport utility vehicles (SUVs), said the ministry. The average export price of a car rose to USD 16,307 this March, from USD 15,471 last year.


In particular, SUV sales have expanded remarkably. According to the Korean Automobile Manufacturers Association, Korean carmakers sold 753,296 cars in the first quarter of 2014, showing 1.4 percent growth over the same period last year. Among those, exports of SUVs accounted for 37.5 percent of total exports, or 282,848 cars. Exports of subcompacts took the largest proportion of exports, accounting for 40.3 percent or 303,942 units, followed by compacts at 9.2 percent, mid-sized models at 6.7 percent, minivans with 3.5 percent and large automobiles accounting for 2.7 percent of exports.

In the first quarter of 2014, the ratio between exports of subcompacts and SUVs has been narrowed. Last year, exports of subcompact cars were 40.6 percent of total exports, while that of SUVs was 34.5 percent. In 2012, exports of subcompacts accounted for 47.1 percent of total exports while that of SUVs was 30 percent. The proportion of subcompact cars in the total number of car exports decreased, while that of SUVs grew. Five SUVs are included in the top-10 list of total car exports during the first quarter.



In the top-ten list, Hyundai’s Elantra, sold as the Avante domestically, was the best seller, as a total of 71,510 cars were exported in the first quarter. GM Korea's Trax saw exports of 56,988 units and Kia's Soul sold 56,079 units, placing fourth and fifth in the rankings, respectively. Hyundai’s Tucson ix, Kia’s Sportage R and Hyundai’s Santa Fe were seventh, ninth and tenth, with exports hitting 38,737 units, 29,289 units, and 24,827 units, respectively.

The ever-growing exports of SUVs is due to shifts in the global market and the productivity of domestic producers. Other factors affecting export growth are the increased popularity of SUVs, advanced diesel engine technology and the growing number of SUV models, such as the Kia Soul and Sportage R, that are winning recognition for their design from international media and safety organizations.

By Yoon Sojung
Korea.net Staff Writer
arete@korea.kr