Exports of passenger cars up 30% in Q3

Published : Oct 31, 2022 - 10:01 Updated : Oct 31, 2022 - 10:01

Vehicles for export are lined up at a dock inside the Hyundai Motor Group’s Ulsan plant. (HMG)

Exports of passenger cars advanced 30.1 percent in the third quarter of the year from a year earlier, data showed Monday, on the back of growing demand for eco-friendly vehicles.

Carmakers here shipped passenger cars worth a combined $12.6 billion during the July-September period, up from $9.7 billion a year earlier, according to the data compiled by the Korea Customs Service.

The number of cars shipped came to 590,000, also up 26.8 percent over the period.

South Korea's imports of passenger cars also moved up 17.7 percent to hit $3.5 billion, the data added.

By destination, exports to the United States jumped 58 percent on-year in the third quarter, with those to Canada and Australia also moving up 35.6 percent and 34.1 percent, respectively.

The average price of cars shipped came to $21,273 during the cited period, up 2.6 percent on-year.

Eco-friendly cars, such as electric vehicles, accounted for a record high of $4 billion of the exports in the third quarter, up 42.3 percent on-year. (Yonhap)