In 2023, the average unit price of South Korean car exports is anticipated to reach a historic high, propelled by robust global demand for sport utility vehicles (SUVs) and electric vehicles (EVs), according to industry data released on Monday.

For the first 11 months of the current year, South Korea exported a total of 2.52 million units of automobiles valued at 64.5 trillion won (US$49.5 billion). Notably, the average unit price reached 25.6 million won, marking the first time it has exceeded 25 million won, as reported by YONHAP citing data from the Korea Automobile & Mobility Association (KAMA).

The unit price has exhibited consistent growth over recent years, escalating from 16.7 million won in 2018 to 17.9 million won in 2019. With this upward trajectory, KAMA projects that the total value of the country's car exports is likely to surpass 70 trillion won for the first time.

The cumulative exports through November 2023 have already surpassed last year's annual export value of 54 trillion won, reaching 64.5 trillion won. KAMA attributes this surge in the unit price of car exports to the increasing popularity of higher value-added vehicles, particularly SUVs and EVs, in international markets.

During the 11-month period, 18.3 million units of Korean SUVs were shipped overseas, constituting 72.8 percent of the total passenger car exports. Overseas sales of EVs experienced a remarkable 65.7 percent year-on-year surge, reaching 316,000 units during the same period, while exports of hybrid cars reached 283,000 units.