Exports of Korean auto parts to the United States recorded $8.222 billion (approximately 11.8 trillion won) last year, marking the highest figure ever. Concerns are also raised that export performance will inevitably worsen starting this year with the Trump administration.
According to statistics analyzed by the Korea Automobile Industry Cooperative on the 23rd, Korea's exports of auto parts to the United States last year reached $8.222 billion (approximately 11.8 trillion won), the highest ever.
The export value to the United States steadily increased from $6.912 billion in 2021 to $8.03 billion in 2022, and $8.087 billion in 2023.
In particular, the total export value of auto parts last year was $22.547 billion, with the proportion of exports to the United States being the largest at 36.5%. This was followed by the European Union (17.3% - $3.89 billion), Mexico (9.5% - $2.153 billion), China (6.4% - $1.454 billion), ASEAN (5.8% - $1.301 billion), and India (4.1% - $921 million).
Just as with completed vehicles, the United States is the most important market for auto parts from Korea. In the case of completed vehicles, the total export value last year was $70.789 billion (approximately 101.8 trillion won), of which the export value to the United States was $34.744 billion (49.1%).
However, concerns are raised that exports of Korean auto parts may decrease due to the backlash from the 25% tariff on completed vehicles announced by President Donald Trump.
An industry representative stated, "The imposition of a 25% tariff on U.S. completed vehicles could negatively impact domestic auto parts manufacturers," and noted, "The decline in price competitiveness of auto parts companies could reduce their revenues if completed vehicle manufacturers increase local production, and those manufacturers looking to expand overseas will face investment burdens."
However, some analyses suggest that as U.S.-China trade tensions escalate, Korean auto parts may be viewed as substitutes for Chinese auto parts.