The highest monthly figure for Korean car exports ever

Korea’s car exports hit a record high in November thanks to strong demand for premium electric cars in the US market, official data showed.

The total value of car exports reached 6.53 billion dollars in November, the highest monthly figure on record, according to the Ministry of Trade, Industry and energy.

The ministry said that during the period from January to November, the total value of car exports reached 64.5 billion dollars, which is a new record for this period as well. The value of annual car exports is expected to exceed 70 billion dollars for the first time this year.

According to the Korean news agency “Yonhap”, car exports recorded year-on-year growth for 17 consecutive months until November.

North America was the number one destination for the export of Korean cars last month, with sales value jumping by 51.1 percent to 3.98 billion dollars.

Shipments to the European Union increased by 5.6 percent to USD 811 million, while shipments to Asian countries decreased by 0.1 percent to USD 478 million.

The overall growth was mainly driven by strong demand for environmentally friendly models, as the value of these exports increased by 50.9 percent to USD 2.21 billion.

In terms of numbers, Korea shipped 245,675 units of cars in November, up 12.9 percent year-on-year. Environmentally friendly models accounted for 58,016 units, an increase of 35.6 percent during this period.