Korea’s auto export volume dropped for the second consecutive year, but its value edged up 0.6 percent on-year to an all-time high of $48.9 billion last year, according to government data.

The Trade Ministry said in a report that the number of exported cars amounted to 3,061,000 units, a 0.9 percent decrease from 2013, mainly due to moribund European markets and GM Chevrolet pulling out of Western Europe.

But the value of exports rose slightly as shipments of high-priced recreational vehicles, or sport utility vehicles, were strong, according to the ministry. Exports of SUVs increased by 9.2 percent, while small cars, which used to be a popular export item, decreased by 13.7 percent.