While June’s exports dipped slightly due to fewer business days, monthly export values have remained robust, consistently exceeding $6 billion since late 2023. Exports to the United States showed remarkable growth of 25.9% to $21.7 billion, while declines were recorded in Europe, Asia, and the Middle East due to shifting demand trends.
South Korea’s automotive industry achieved a new record in the first half of 2024, with car exports surging to $37 billion, a 3.8% year-on-year increase. The number of vehicles exported also grew by 3.2% to 1,467,196 units, driven by strong global demand for hybrid models.
Domestic production and sales experienced decreases, with 2,145,292 cars produced (down 2.4%) and 798,544 units sold locally (down 10.7%) during the same period. The government has set a target of $100 billion in vehicle and auto parts exports for 2024 and is committed to providing extended support to exporters.
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Stay tuned for more updates on South Korea’s dynamic auto market!
