According to Yonhap News,
South Korea's car exports hit a record high in November on strong demand for premium electric cars in the U.S. market, data showed Thursday.
The combined value of car exports reached US$6.53 billion in November, marking an all-time-high monthly figure, according to the Ministry of Trade, Industry and Energy.
Over the January-November period, the combined car exports came to $64.5 billion, also setting a new record for the period, it added. The ministry anticipated the annual automobile shipments to hover above $70 billion for the first time this year.
Auto exports have logged on-year growth for 17 consecutive months up to November.
North America was the No. 1 export destination for South Korean cars last month, with sales jumping 51.1 percent to $3.98 billion.
Shipments to the European Union edged up 5.6 percent to $811 million, while those to Asian nations fell 0.1 percent to $478 million.
The overall growth was mainly led by the stronger demand for eco-friendly models, with those exports soaring 50.9 percent to $2.21 billion.
In terms of numbers, South Korea shipped 245,675 units of automobiles in November, up 12.9 percent on-year. Eco-friendly models accounted for 58,016 units, up 35.6 percent over the period.
Domestic production, meanwhile, edged down 2.5 percent to 370,145 units. Local sales moved up 2.9 percent to 160,476 units.
colin@yna.co.kr
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Source: Yonhap News (December 14, 2023)