The Ministry of Trade, Industry and Energy (MOTIE) announced on September 19 that Korea’s automobile export value for August reached USD 5.3 billion (up 28.7 percent year-on-year), an all-time high for August monthly exports. The accumulated value of automobile exports from January to August in 2023 reached $46.8 billion (up 39.5 percent).

From July of 2022 to August of 2023, car exports have posted double-digit growth in value year-on-year for 14 months straight. Strong growth in outbound shipments boosted production volume as well, tipping the total number of automobiles produced in Korea for August over the 30,000 mark for the first time in 10 years.

Electric vehicles (EVs) gained 61 percent in export value, leading overall automobile exports at the helm, and the export value of eco-friendly cars occupies a third of total exports.

The number of cars exported in August amounted to 199,214 units (up 19.6 percent), and the accumulated number of cars exported from January to August this year grew 26.5 percent compared to last year.

Vehicles produced in Korea rose 9.6 percent in number to 311,959 units in August, thanks to demand in major markets and the resolving of supply chain issues, whereas the number of vehicles sold in Korea slid 0.7 percent to 130,667 units, partially attributable to a decrease in sales of imported cars.

The number of eco-friendly cars sold in Korea rose 11.9 percent to 39,481 units in August. The number and value of exported eco-friendly cars surged 29.4 percent and 47.8 percent to 53,383 units and $1.8 billion, respectively.

By fuel type, the number of hybrid electric vehicles (HEVs), electric vehicles (EVs), and plug-in hybrid electric vehicles (PHEVs) exported in August soared 6.7 percent, 61.2 percent, and 35.3 percent, respectively. Meanwhile, that of fuel cell electric vehicles (FCEVs) dropped 86.4 percent.