Korea’s Jan.-Nov. car exports hit all-time high on green vehicles

Kia’s EV9 [Courtesy of Kia]

South Korea’s automobile exports are projected to surpass $70 billion for the first time this year, with the outbound shipments in the first 11 months reaching an all-time high on robust demand for environmentally-friendly vehicles.

According to data from the Ministry of Trade, Industry and Energy on Thursday, auto exports totaled $64.5 billion from January to November. The annual figure is projected to surpass $70 billion.

In November, car exports stood at a monthly high of $6.53 billion, thanks to robust sales of high-end environmentally-friendly vehicles such as Kia Corp.’s EV9 in the United States.

A record of 17,000 environmentally-friendly vehicles were shipped to the U.S. in November.

Data also showed that exports in the information and communication technology (ICT) sector were valued at $17.88 billion, with imports at $11.44 billion.

ICT exports saw its first on-year growth in 17 months since June 2022. Chip exports jumped 10.7 percent in November from a year ago, the first gain in 16 months, and smartphones rose 12.2 percent.

Memory chip exports, in particular, soared 36.4 percent in November from a year ago, data showed.