Market trends of clean energy vehicles - South Korea

The export volume of goods from South Korea increased by 5.1% year-on-year in December. According to statistics from the Ministry of Industry, Commerce, and Resources of South Korea, in December 2023, the export value of goods from South Korea increased by 5.1% year-on-year to the highest monthly value of 57.7 billion US dollars, marking the third consecutive month of year-on-year growth.

 

The import value of goods decreased by 10.8% year-on-year to 53.2 billion US dollars. Among them, the export value of semiconductors increased by 21.8% year-on-year to the highest value of 11 billion US dollars this year, marking the second consecutive month of year-on-year growth.

 

The export value of automobiles increased by 17.9% year-on-year to 6.4 billion US dollars, and the export of new energy vehicles has been steadily increasing for 18 consecutive months.

 

The demand for mobile phones has recovered, but the export of communication equipment components has slowed down, dragging down the overall export value of the industry by 2.7% year-on-year to 1.2 billion US dollars.

 

The export value of monitors increased by 10.9% year-on-year, marking the fifth consecutive month of year-on-year growth; The export value of household appliances driven by large and smart appliances increased by 2.9% year-on-year to 600 million US dollars.

 

The decrease in demand for fuel powered vehicle parts in the main market resulted in a year-on-year decrease of 10.8% in the export value of automotive parts for the month.

 

By destination, exports to the United States (20.8%), ASEAN (1.7%), Japan (3.7%), and India (7%) have increased, while exports to the European Union (-20%) and China (-2.9%) have decreased.

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