Cars are parked at a CarMax dealership in Westborough, Massachusetts on Monday, April 7, 2025. Late March, President Donald Trump announced that he will impose a 25 percent tariffs on all cars that are shipped into the United States. File Photo by Amanda Sabga/UPI | License Photo
South Korea’s automobile exports reached $66.04 billion from January through November, putting the industry on pace to set a new annual record, the Trade Ministry said Sunday.
The Ministry of Trade, Industry and Energy said the cumulative export value through November totaled $66.039 billion. With $4.83 billion needed to surpass the previous annual record of $70.86 billion set in 2023, exports are projected to reach a new high if current trends continue.
November automobile exports came to $6.411 billion, up 13.7% from a year earlier, marking the second-highest November total on record, the ministry said.
By region, exports in November increased across major markets. Shipments to the European Union rose 19.7% to $8.817 billion, while exports to Asia climbed 38.3% to $7.377 billion, the ministry said.
Exports to the United States totaled $27.489 billion through November, down 14.2% from a year earlier, which the ministry attributed to the impact of U.S. tariffs on auto items. The U.S. market previously accounted for about half of South Korea’s total auto exports, the ministry said.
Eco-friendly vehicle exports in November totaled 70,820 units valued at $2.323 billion. Hybrid vehicles accounted for 54,000 units, or 69%, and $1.55 billion, or 67%, of the total, the ministry said. Hybrid exports through November rose by 500,000 units, or 27%, from the same period last year.
Domestic vehicle sales in November totaled 146,241 units, down 1.1% from a year earlier. Sales of domestically produced vehicles fell 5.2% to 115,360 units, while imported vehicle sales rose 18.2% to 30,881 units, the ministry said.
Domestic electric vehicle sales continued to grow. Cumulative EV sales through November reached 207,119 units, up 52.2% from a year earlier and a record high, the ministry said.
Vehicle production through November slipped 0.4% to 3,739,675 units. The ministry said production could exceed 4 million units by year-end for a third straight year if the current pace continues.
– Reported by Asia Today; translated by UPI
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