Auto exports in March exceeded $6 billion per month for the first time ever

The Ministry of Trade, Industry and Energy published export and import trends in March
Among the 15 major export items, only cars and secondary batteries increased
Popularity of domestic SUV abroad… Effect of slackening supply of automotive semiconductors

Auto exports in March exceeded $6 billion per month for the first time ever. Exports of secondary batteries used in electric vehicles were also first in monthly exports in March.

On the 1st, the Ministry of Trade, Industry and Energy published ‘Export and Import Trends in March 2023’ data containing this content. South Korea’s auto exports in March were $6.52 billion, surpassing $6 billion a month for the first time ever. This is an increase of 64.2% compared to the same month last year. The highest amount of monthly car exports in the past was $5.6 billion last month (February 2023).

Korea’s monthly auto exports have continued to exceed $5 billion per month since recording $5.37 billion in November 2022.

This increase in car exports is due to an increase in the export of eco-friendly vehicles, which have a high export unit price. recent

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The popularity of new sport utility vehicles (SUVs) made in Korea, such as the Niro and GM Korea’s Trail Blazer, had a big impact overseas. As the supply and demand for automotive semiconductors shrinks this year, domestic factories for finished vehicles are maximizing their production capacity. It is analyzed that the waiting demand for vehicles, which had been stagnant, is being resolved all at once.

Exports of secondary batteries used in electric vehicles also increased. Korea’s secondary battery exports in March were $870 million, up 1% from the same month last year. Among Korea’s 15 major export items, only automobiles and secondary batteries increased in export volume in March compared to the previous year. Amid the growing demand for electric vehicles worldwide, the strong sales of global electric vehicle models with batteries from Korean companies have been largely affected.

On the other hand, semiconductor exports, which were a key pillar of Korea’s exports, are going downhill. Semiconductor exports in March recorded $8.6 billion, down 34.5% from the same month last year. This is due to the drop in the price of DRAM and NAND flash, Korea’s flagship products, due to weak market demand. An official from the Ministry of Industry said, “It is expected that it will be difficult for the semiconductor industry to recover quickly in a short period of time.