Bolstered by recovery in demand in major markets such as North America

Passenger car exports continued to increase, recording the highest-ever figures in the second quarter.
According to recent data released by the Korea Customs Service (KCS), exports of passenger cars (excluding used cars) in the second quarter of this year amounted to US$17.8 billion, up 6.8% from the same quarter of last year. This is the highest-ever quarterly gain.
KCS analyzed that this was due to recovery in demand in major markets such as North America, and rising demand for eco-friendly cars.
Passenger car exports have continued to increase for the 9th quarter since the second quarter of 2022.
As of the first half of the year, sales reached US$33.6 billion, up 4.9% from a year ago. This is also the highest-ever for a half-year.

On the other hand, imports in the second quarter decreased by 25.3% to US$3.4 billion. This is the fourth consecutive quarter of decline.
By country, passenger car exports increased in the USA (33.2%), Canada (14.6%), and Australia (8.8%), respectively, while they decreased in the UK (-8.1%), France (-34.9%), and Germany (-67.3%).
Medium- and large-sized gasoline vehicles led the increase in exports, with exports of gasoline vehicles over 2,000cc increasing by 42.5%.
Eco-friendly passenger car exports decreased slightly (-0.6%), but hybrid car exports among eco-friendly vehicles recorded the highest performance ever, at US$3.02 billion in the second quarter.
Eco-friendly car exports increased mainly to the USA (26.3%), Canada (46.2%), and Australia (122.0%), while exports decreased to the UK (-6.4%), France (-30.2%), and Germany (-68.9%), respectively.
The average unit price of exported passenger cars was US$23,097, up 1.1% from a year ago.
By vehicle type, mid-sized gasoline vehicles (US$17,980) and small gasoline vehicles (US$16,120) led the unit price increases. The unit prices of eco-friendly vehicles exported fell 4.0% to $30,690.
The average unit price of imported passenger cars was $39,595, down 22.7% from a year ago.

 
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