SEOUL: The Republic of Korea’s exports of passenger cars reached an all-time high last year by rising more than 30 percent on the back of growing demand for eco-friendly models, Yonhap news agency reported, citing the customs agency on Tuesday.

Domestic carmakers shipped passenger cars worth a combined US$63.81 billion in 2023, up from $49 billion, or 30.2 percent, tallied a year earlier, according to the data compiled by the Korea Customs Service.

The number of cars shipped also jumped 18.3 percent on-year to 2.73 million units, it added.

The performance was attributable to the improvement in supplies of automotive chips and robust demand for electric vehicles and other eco-friendly models.

Exports of eco-friendly models spiked 50.6 percent on-year to reach $24 billion in 2023, also a record high. They accounted for the highest-ever proportion of the country’s total passenger car exports 37.6 percent last year, the data showed.

By destination, exports to the United States and Canada soared 44.7 percent
and 43.9 percent, respectively. Shipments to Germany and Australia also climbed 62.3 percent and 5.7 percent, respectively.

Meanwhile, South Korea’s imports of passenger cars reached a record high of $14.5 billion last year by going up 3.3 percent on-year, though the number of imported units fell 8.1 percent to 300,000 in 2023, according to the data.

Source: Emirates News Agency