Korea-based automakers exported 2.76 million vehicles to 196 countries in 2023, according to the Korea Automotive and Mobility Industry Association (KAMA). This was the highest in eight years since 2015. Exports to the U.S. smashed the 1-million-unit milestone.
Six Korea-based carmakers -- Hyundai Motor, Kia Corp., GM Korea, KG Mobility, Renault Motors Korea and Tada Daewoo -- exported a total of 2,763,499 vehicles to 196 countries last year, the KAMA said on Jan. 28. This was a 20 percent increase from 2,300,333 vehicles to 197 countries in 2022.
Korea’s car export volume exceeded 2.7 million units for the first time in eight years after 2,974,114 units in 2015. The volume dropped to 1,886,683 units in 2020, at the beginning of the COVID-19 pandemic before rebounding the following year. It crossed the two million mark in 2021 with 2.040,572 units, followed by 2,300,333 units in 2022.
By continent, exports to North America, including the United States, accounted for the largest portion in 2023 with 1,549,164 units. This was followed by the European Union (EU) with 435,631, the Middle East with 219,530, Oceania with 187,118, the rest of Europe with 164,150, and Latin America with 123,677. Exports to Asia reached 42,756 units, similar to Africa’s 41,124.
By country, exports to the United States dominated with 1,305,991 units. The figure surpassed the 1 million mark for the first time in eight years after reaching 1,066,164 units in 2015. It was followed by Canada (218,721) and Australia (169,206). Exports to the Canadian market surpassed 200,000 units for the first time.
In Asia, Korea-based carmakers’ sales were somewhat sluggish. Taiwan was the only country where Korea-based carmakers sold more than 10,000 units; they sold 12,998 units. They stood at only 2,571 and 1,506 units in China and Japan, respectively. Korea-based automakers had not sold more than 10,000 units since 2016 when the Chinese government began to put a ban on the Korean Wave in China. Germany (92,692 units) was Korea-based automakers’ top market in the EU where they had seen three consecutive years of growth since 2020.
Exports to Russia, which has been at war with Ukraine, plummeted from 91,212 units in 2021 to 14,266 units in 2022. In 2023, they plummeted 94.3 percent year over year to just 808 units.
Meanwhile, this year’s export volume is expected to be similar to last year’s.