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Auto exports up 16.4 pct to all-time high in 2022: data

11:01 January 30, 2023

SEOUL, Jan. 30 (Yonhap) -- South Korea's auto exports jumped 16.4 percent on-year in 2022 to a record high on the back of the popularity of local brands in the global market and growing demand for eco-friendly vehicles, the industry ministry said Monday.

The value of exported vehicles came to US$54.1 billion last year, compared with $46.47 billion a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.

In terms of volume, outbound shipments rose 13.3 percent on-year to 2.31 million units in 2022, the data showed.

"Solid demand for high-quality domestic cars and price competitiveness over the Korean won's slide last year helped boost exports," a ministry official said.

Global sales of South Korean eco-friendly cars hit an all-time high last year.

A total of 554,000 eco-friendly vehicles, or the largest figure, were sold in the global market last year, up 36.8 percent from the previous year. Their value also advanced 38 percent on-year to a record high of $16.1 billion.

Of them, exports of electric vehicles surged 45.2 percent on-year to 224,000 units. Those of hybrid models surged 34.5 percent to 285,000 units in 2022, the data showed.

The country's top five carmakers, including Hyundai Motor Co. and its affiliate Kia Corp., reported double-digit growth in their exports last year, according to the ministry.

This file photo, taken Sept. 16, 2022, shows cars waiting to be shipped at Hyundai Motor Co.'s factory in the southeastern city of Ulsan. (Yonhap)

The country's yearly production rose 8.5 percent to 3.76 million units in 2022, making it the world's No. 5 in terms of car production, followed by China, the United States, Japan and India, according to the data.

Domestic sales, however, fell 2.4 percent to 1.68 million units in 2022 due to the delay in delivery amid a shortage of automotive chips in the first half of this year.

Despite the overall decline, demand for eco-friendly cars at home also hit a record high of 440,000 last year, accounting for 22.8 percent of the total vehicles sold at the domestic market in 2022.

In December alone, South Korea's auto exports went up 25 percent to 229,292 units. In terms of value, exports jumped 28.3 percent on-year to $54.3 billion.

Domestic demand also rose 4.8 percent to 161,171 units, and production added 10.7 percent on-year to 353,405 units, the data showed.



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