South Korean vehicle exports to the United States reach 1 million units

By PortalPortuario Editorial Staff/Yonhap Agency

@PortalPortuario

South Korean automobile exports to the United States exceeded one million units during the January to November period, already surpassing its previous historical annual record from eight years ago, industry data showed this Sunday. Found out.

Car shipments from South Korea to the US reached 1,172,612 units in the first 11 months of this year, according to data from the Korea Automobile and Mobility Association (KAMA).

The annual figure is expected to increase if December shipments are taken into account. The 11-month total already exceeds the previous annual record of 1,066,164 units in 2015.

Auto shipments in the US, which peaked in 2015, then fell to the 800,000-unit range in 2021 amid the COVID-19 pandemic and protectionist US trade policy initiated during the Donald Trump administration.

The recovery in exports was due to the quick response of South Korean companies in the face of global supply chain disruptions and weak competition from global rivals.

Market observers cited the diversification of export products, such as the introduction of more electric and environmentally friendly vehicles as well as premium models, as contributing to the country’s strong shipments to the United States.

He noted that sales of Hyundai Motor Company’s Ioniq 5 model grew by 33.4 percent from 2022, while sales of the company’s Genesis premium sedan also saw a 10.6 percent year-on-year increase during the period.