South Korea’s car exports have hit a fresh record high in the first half of 2024, driven by growing global demand for hybrid and electric models, according to a report by Yonhap News Agency citing data from the Ministry of Trade, Industry and Energy.
The combined value of car shipments reached $37 billion in the January-June period, representing a 3.8 percent increase compared to the same period a year earlier. The number of cars exported totaled 1,467,196 units, up 3.2 percent over the same period.
However, in June alone, automobile exports edged down 0.4 percent to $6.2 billion, which the ministry attributed mainly to fewer business days during the month.
“South Korea’s monthly car exports have been maintaining a robust performance, consistently exceeding $6 billion since last November, except for February when there was a holiday,” the ministry said in a statement.
While exports surged, the number of cars produced in South Korea during the first half declined 2.4 percent year-on-year to 2,145,292 units. Domestic car sales also fell 10.7 percent to 798,544 vehicles.
The South Korean government has set an export target of $100 billion for vehicles and auto parts this year and pledged to extend support measures for the country’s exporters.
South Korea’s car exports reach record highs in 2024
The average price of South Korea’s car exports reached a new high in the first half of 2024, driven by increased demand for premium models, according to recent data. The Korea Automobile & Mobility Association’s figures show the average export price of cars climbed to $25,224 during the January-June period, a 0.5 percent increase from the $25,079 recorded in the same period last year.
This rise can be attributed to growing consumer preference for eco-friendly vehicles as well as SUVs and commercial models, which typically command higher prices. As a result, the combined value of South Korea’s automobile exports in the first half of 2024 reached $37 billion, up 3.9 percent compared to the same period in the previous year.
Furthermore, data from the Ministry of Trade, Industry and Energy indicates that exports of hybrid cars surged by 19.5 percent year-on-year in the first half of 2024. Commercial vehicle exports also increased by 6 percent during the same period.
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