South Korea clocks record $37 bn in car exports in first half of 2024

Seoul, July 7
South Korea's car exports are estimated to have reached a record $37 billion for the first half of the year, according to industry data on Sunday.

Automobile exports are estimated to have increased 3.8 percent on-year during the January-June period to reach $37.01 billion, marking the highest tally for the first half of any year, according to tentative data from the industry ministry and the Korea International Trade Association.

The previous record was at $35.65 billion last year, boosted by 46.5 percent on-year growth from 2022. Since 2021, car exports have seen positive year-on-year growth for four consecutive years in the first half, reports Yonhap news agency.

By region, car exports to the US, the world's largest market, jumped 29.8 percent to $18.45 billion. In contrast, exports to the European Union decreased by 30 per cent, while those to the Middle East and Latin America slipped 18.7 per cent and 8.3 per cent, respectively.

Shipments of hybrid vehicles and internal combustion engine models grew 19.5 per cent and 7.2 per cent, respectively, but exports of electric vehicles fell by 17.5 per cent during the period, according to data.