Hyundai car dealer in downtown Seoul (Yonhap)
South Korea’s car exports to the United States exceeded 1 million vehicles in the January-November period, already breaking an annual record set eight years ago, according to industry data on Sunday.
According to data from the Korea Automobile Transportation Association, the number of automobiles shipped from South Korea to the United States reached 1,172,612 in the first 11 months of this year.
If December shipments are counted, the annual total is expected to be even higher. The 11-month total already exceeds the previous annual record of 1,066,164 units set in 2015.
Automobile shipments to the United States peaked in 2015, but have since increased in 2021 due to the coronavirus pandemic and the protectionist trade policies of the United States introduced during the Donald Trump administration. has fallen to the 800,000 level.
In light of global supply chain disruptions and weakening competition from global competitors, exports managed to recover thanks to the quick response of South Korean companies.
Market participants point to the diversification of export products, including the introduction of more electric vehicles, environmentally friendly vehicles, and even premium models, as a reason behind the strong shipments to the United States.
They noted that sales of Hyundai Motor’s Ioniq 5 model increased 33.4 percent from 2022, while the company’s luxury sedan Genesis also saw sales increase 10.6 percent year over year during the same period.