Car export prices hit all-time high

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Car export prices hit all-time high

Cars for export are lined up at a port in Ulsan [YONHAP]

Cars for export are lined up at a port in Ulsan [YONHAP]

The average unit price of Korean car exports is expected to hit an all-time high in 2023 thanks to stellar overseas demand for sport utility vehicles (SUVs) and electric vehicles (EVs), industry data showed Monday.
 
Korea exported a total of 2.52 million units of automobiles, worth 64.5 trillion won ($49.5 billion), in the first 11 months of this year, with the average unit price reaching 25.6 million won, according to the data from the Korea Automobile & Mobility Association (KAMA).
 
It is the first time that the unit price, or the price of a single product, has exceeded 25 million won, KAMA said.
 
The figure has been steadily growing over the past few years, rising from 16.7 million won in 2018 to 17.9 million won in 2019.
 
With the increase in the unit price, KAMA predicted that the total value of the country's car exports will likely top 70 trillion won for the first time.
 
Cumulative exports through November of this year amounted to 64.5 trillion won, already surpassing last year's annual export value of 54 trillion won.
 
KAMA attributed the rise in the unit price of car exports to rising popularity of higher value-added cars, including SUVs and EVs, in international markets.
 
During the 11-month period, 18.3 million units of Korean SUVs were shipped overseas, accounting for 72.8 percent of total passenger car exports.
 
Overseas sales of EVs soared 65.7 percent on year to 316,000 units over the cited period, while exports of hybrid cars reached 283,000 units. 

Yonhap
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