Key Market Indicators
Korean truck exports are projected to decline slightly over the next five years, decreasing from approximately $1.6 billion in 2023 to around $1.58 billion by 2028. This represents an average annual decline of 0.5%. Historical data dating back to 1993 shows that Korean truck exports have been gradually decreasing at an average rate of 0.3% per year. In the global rankings for truck exports in 2023, South Korea holds the 20th position. The United Kingdom leads with exports valued at $1.6 billion. The United States, Germany, and France follow closely, occupying the second, third, and fourth spots, respectively. Conversely, Korean truck imports are anticipated to rise significantly. Imports are expected to grow from roughly $670 million in 2023 to nearly $800 million by 2028, marking an average annual increase of 2.8%. Since 1993, the demand for trucks in South Korea has surged, with an average yearly growth rate of 6.9%.