South Korean car exports to the US reach 1 million units

Author: PortalPortuario Editorial/Yonhap Agency

@PortalPortuario

South Korean car exports to the United States topped one million units in the January-November period, already surpassing the previous all-time annual record eight years ago, industry data showed this Sunday.

In the first 11 months of this year, vehicle shipments from South Korea to the United States reached 1,172,612 units, according to the Korea Automobile and Mobile Association (KAMA).

The annual figure is expected to rise when December deliveries are taken into account.

US auto shipments, which peaked in 2015, then fell to 800,000 units in 2021 amid the COVID-19 pandemic and protectionist US trade policies introduced during the Donald Trump administration.

Exports were able to recover thanks to the quick response of South Korean companies in light of disruptions in global supply chains and weakening competition from global rivals.

Market observers have noted the diversification of export products, such as the introduction of more electric and green vehicles, as well as premium models, due to the country’s strong shipments to the United States.

They noted that sales of Hyundai Motor Co.’s Ioniq 5 models. up 33.4 percent from 2022, while sales of the company’s premium Genesis sedans also rose 10.6 percent year over year during the period.