South Korea's automobile exports increased by 12.7% in 2022
- South Korea's automobile exports increased by 12.7% year-on-year to reach 2,300,333 units in 2022. Led by the Hyundai brand, which accounts for 40% of all Korean automobile exports, all carmakers (Kia, GM Korea, Renault Korea, Ssangyong) increased their exports compared to the previous year. SUVs and electrified vehicles hit record levels in 2022, boosting overall export results. In value terms, automobile exports increased by 17.8% to US$49 billion, reaching a historically high level.
- It is interesting to note that Korean automobile exports had continuously declined from 2013 to 2020, but this decline was caused by the establishment of Hyundai-Kia factories outside South Korea or transfers of Hyundai-Kia models from South Korea to outside countries, including North America, South America and Europe. This decline in Korean automobile exports was also caused by the loss of influence of carmakers such as GM Korea, Renault Samsung and Ssangyong. Since 2021, we have seen a revival of Korean automobile exports due to the development of Hyundai-Kia electrified vehicles (xEVs) which are produced in their country of origin and to a greater success of models from GM Korea, Renault Korea and Ssangyong.
- South Korea's main export regions remain North America (1.1 million units in 2022 compared to 925 000 in 2021) and Europe (600 000 units in 2022 compared to 625 000 in 2021).