S. Korea saw record-high auto exports of US$ 37 bil. in first half of 2024

24년도 상반기 자동차 수출 370억 달러로 사상최고 실적 경신 1000억 달러 목표로 지원 강화키로
South Korea saw an all-time high for auto exports in the first half of 2024.
That was mainly attributed to a robust performance, especially in the North America along with greater sales of hybrid cars globally.
Park Kun-woo tells us more.
South Korea's automobile exports reached a record high in the first half of this year.
Data from the Ministry of Trade, Industry, and Energy on Tuesday showed that the value of automobile exports from January to June was over 37 billion U.S. dollars.
That's an on-year increase of 3-point-8 percent.
The ministry said expanding demand and sales of hybrid cars and increased exports to North America were behind South Korea's performance.
Specifically, exports to North America jumped 26 percent compared to a year before, reaching nearly 22 billion dollars.
That's in contrast to a decrease in exports to all the other regions during the first half of 2024.
The Ministry said the drop in outbound shipments to the European market was mainly due to subsidy suspensions for electric cars and unsold inventory from last year.
In June alone, export value was around 6-point-2 billion dollars, similar to last year, despite fewer working days.
That continued a run of monthly auto export value above 6 billion dollars in 7 of the last 8 months, with February being an exception due to the Lunar New Year holiday.
By region, outbound shipments to North America surpassed 3-point-6 billion dollars.
Exports to the Middle East also saw an increase for the first time in eight months in June.
Production dropped slightly, by 2 percent on-year due to a base effect.
The Industry Ministry said better performance is expected for the second half of the year on increased productivity and a return to full-scale production at a Kia factory in Gwangmyeong in July after a refit.
The ministry added it will be supporting companies so that the country can reach its export goal of 1-hundred billion dollars for cars and auto parts for this year.
Park Kun-woo, Arirang News.
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2024-07-16, 12:00 (KST)