South Korea’s Export Results of Automobiles in 2023

South Korea's automobile exports (CBUs only) increased by 20.3% from the previous year to 2,766,271 units in 2023. Overall sales were boosted by orders from developed countries such as North America and Europe, which are the largest export destinations, and which had built up a backlog of orders. In terms of export value, exports increased by 31.5% year on year to 64.6 billion USD, setting a record high for the third consecutive year.

Passenger vehicle exports increased 20.5% to 2,672,220 units, while commercial vehicles rose 13.9% to 94,051 units. Within the passenger vehicle segment, passenger cars dropped 2.2% to 559,349 units, but SUVs went up 27.5% to 2,025,554 units, surpassing 2 million units for the first time.

Looking at exports by destination, exports to North America, which accounts for more than half of the total, increased by 39.5% from the previous year to 1,549,164 units, while exports to Europe rose by 5.0% to 602,106 units, driving up the overall exports. Exports to the Middle East, the third largest destination, went up 3.1% to 219,933 units.