Exports of passenger cars up 16 pct in Q3 on eco

Exports of passenger cars moved up 16 percent in the third quarter of 2023 from a year earlier following robust demand for eco-friendly models, data showed Monday.

South Korean carmakers shipped $14.6 billion worth of passenger cars over the July-September period, rising from $12.6 billion tallied a year earlier, according to the Korea Customs Service.

The number of cars shipped reached 610,000, also advancing 2.9 percent over the period.

Exports of eco-friendly models especially shot up 35.6 percent to hit $5.5 billion, the data showed.

Imports, on the other hand, shed 22.8 percent over the period to $2.7 billion.

By destination, exports to the United States moved up 24.5 percent in terms of value, with those to Canada and Australia jumping 21 percent and 14.4 percent, respectively.

The average price of cars shipped came to $23,979 during the cited period, up 12.7 percent on-year. That of imports reached $45,575, up 5.4 percent. (Yonhap)