The Korea Herald


S. Korea's auto exports to U.S. reach 1.17 mln units in Jan.-Nov.: data

By Yonhap

Published : Dec. 31, 2023 - 11:37

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A Hyundai Motors dealership in downtown Seoul (Yonhap) A Hyundai Motors dealership in downtown Seoul (Yonhap)

South Korean automobile exports to the United States exceeded 1 million units during the January-November period, already beating its previous all-time annual record from eight years ago, industry data showed Sunday.

In the first 11 months of this year, South Korea's car shipments to the U.S. reached 1,172,612 units, according to the data from the Korea Automobile & Mobility Association.

The annual tally is expected to grow when counting December shipments. The 11-month total is already larger than the previous annual record of 1,066,164 units in 2015.

Auto shipments to the U.S., which peaked in 2015, later dropped to as low as the 800,000-unit range in 2021 amid the COVID-19 pandemic and protectionist U.S. trade policy introduced during the Donald Trump administration.

Exports managed to rebound thanks to swift responses by South Korean companies in light of the global supply chain disruptions and weakened competition by global competitors.

Market observers cited the diversification of exports products, such as presenting more electric and eco-friendly vehicle as well as premium models, in the country's strong US shipments.

They noted sales of Hyundai Motor Co.'s Ioniq 5 models grew 33.4 percent from 2022 while the company's premium Genesis sedans also saw a 10.6 percent on-year boost in sales during the period.