It was found that the automobiles Korea imported the most last year were made in China. As of 2022, China ranked lower than Germany, the United States, Australia, and the United Kingdom, but it rose to No. 1 in three years. It was found that imports of electric cars and electric buses, including BYD, increased sharply.
The Bank of Korea (BOK) released an analysis report on the 27th titled "Major manufacturing production and supply map of Korea." First released in 2023, the report compiles maps and charts that allow a quick grasp of regional production status and trade flows for 11 key domestic manufacturing industries. It is also called the "Daedongyeojido (Grand Map of Korea)" of manufacturing.
The 11 key industries are: ▲ semiconductors ▲ displays ▲ wireless communication devices ▲ automobiles ▲ auto parts ▲ steel ▲ shipbuilding ▲ petroleum refining ▲ petrochemicals ▲ machinery and equipment ▲ electrical equipment.
◇ Share of Chinese car imports from 4% → 37%... U.S.-made from 29% → 11%
According to the Bank of Korea (BOK), China ranked No. 1 by country in finished car import share last year at 37.2%. As of 2022, its share was 3.5% (5th), but it more than decupled in three years. By model, sales of Chinese electric cars and electric buses increased sharply.
Germany, previously No. 1, saw its import share shrink from 38.5% to 37%. The United States plunged from 28.9% to 11.1%.
The Bank of Korea (BOK) said, "Over the past decade or so, strengthened environmental regulations in the global automobile market and advances in eco-friendly vehicle technology have reduced the share of internal combustion engine vehicles and expanded the share of eco-friendly vehicles." It added, "As China has grown into the world's largest electric vehicle producer, it is steadily expanding its global market share based on price competitiveness and large-scale production capacity."
The Bank of Korea (BOK) said, "By model, Chinese-made vehicles account for about 70% of Korea's imported electric cars, with the import amount reaching $2.2 billion," adding, "In the case of electric buses, the entire import volume depends on China."