[데일리한국 안희민 기자] The Korean automobile industry increased by 84.2% compared to the same month last year, contributing to Korea’s exports in March. In March, exports recorded 55.12 billion dollars and imports 59.75 billion dollars, making the trade balance record 4.62 billion dollars.
The Ministry of Industry announced March export and import trends on the 1st.
In March of last year, exports recorded a record high of 63.8 billion dollars, but in March this year, exports recorded 55.12 billion dollars, recovering to the 55 billion dollar range in six months following 57.2 billion dollars in September last year.
By item, automobiles increased by 64.2% compared to the same month last year, and secondary batteries increased by 1%. On the other hand, semiconductors decreased by 34.5% and displays by 41.6%, while petrochemical and steel products also decreased by 25.1% and 10.7%, respectively. In particular, exports of semiconductors significantly decreased due to the decline in product prices, which had a significant impact on the decrease in exports in March.
Imports decreased by 11.1%, including a 6.1% decrease in crude oil and a 25% decrease in gas compared to the same month of the previous year. In addition to energy, imports of semiconductors and steel raw materials also decreased.
Overall, the trade balance recorded a deficit of 4.62 billion won compared to the same month last year. Decreased exports due to sluggish semiconductor exports and energy imports are identified as the main causes.
Although the overall trade balance is showing gloomy indicators, the automobile sector is expected to perform well.
According to the Ministry of Trade, Industry and Energy, exports increased significantly by 13.3% in 2022, and exports reached a record high of $54.1 billion on an annual basis thanks to the export of eco-friendly vehicles with high unit sales prices per vehicle. The previous highest annual export value was $48.4 billion in 2014. The average export unit price is $20,000 for an internal combustion engine vehicle and $30,000 for an eco-friendly car. Exports of auto parts in 2022 also increased by 2.4% compared to the previous year in terms of value.
In particular, exports of finished automobiles stood out. Exports increased as a supplier-dominated market was formed due to increased demand for high-quality Korean cars and price competitiveness following high exchange rates.
Exports of Hyundai and Kia Motors are increasing mainly with new volume models such as Avante, Sportage, and Niro, and electric vehicles. showed
In particular, in 2022, compared to the previous year, GM Korea showed a 24.6% increase, Ssangyong Motor 62.2%, and Renault Korea 63.3%, ahead of Hyundai Motors 9.9% and Kia 8.6%.
As for exports, exports of high-end brands such as Genesis, which have high export unit prices, and eco-friendly cars increased significantly, and automobile exports in 2022 broke the record for exports.
In 2021, Genesis exported 63,000 units → 81,000 units in 2022, and electric cars exported 154,000 units → 224,000 units.
In the export market of Korean automobiles, propaganda is of interest as it is becoming a relief from the trade deficit situation caused by the sharp decline in semiconductor exports, which were traditional exporters.