S. Korea’s car exports hit record high in H1 ’24

South Korea’s car exports surged to a new high in the first half of 2024, driven by strong global demand for hybrid vehicles, according to the Ministry of Trade, Industry and Energy on Tuesday.

The combined value of car shipments reached $37 billion during the January-June period, marking a 3.8 per cent increase from the same period last year. The number of cars exported also climbed 3.2 per cent year-on-year to 1,467,196 units.

However, car exports dipped slightly in June to $6.2 billion, a 0.4 per cent decrease attributed to fewer business days in the month.

The Ministry noted that South Korea’s monthly car exports have remained robust since November 2023, consistently exceeding $6 billion with the exception of February’s holiday period.

Overall car production in the first half of 2024 totaled 2,145,292 units, down by 2.4 per cent from the same period in 2023. Domestic car sales also dropped by 10.7 per cent to 798,544 units in the first half of the year.

The government remains optimistic about the auto industry, setting a $100 billion export target for vehicles and auto parts in 2024. They have also pledged to continue providing support to exporters in the sector.

Attribution: WAM