From April to June 2024, South Korean automakers shipped $17.8 billion worth of passenger cars, up 6.8 percent from a year earlier, according to data from the South Korean Customs Service, Yonhap reports.
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It is noted that this is the highest quarterly figure in the entire history of the country and the ninth quarterly growth.
In the first six months of 2024, car exports from South Korea grew by 4.9% compared to the same period last year to $33.6 billion, which is also a record level for a six-month period.
Reasons for the growth in car exports
The growth in passenger car shipments from South Korea was driven by rising demand for mid-size and large gasoline vehicles.
Sales of South Korean eco-friendly cars in volume terms were slightly down from 2023, but the value of electric and hybrid vehicle exports also reached a record high of $3.02 billion, according to customs data.
In the second quarter, exports to the United States in value terms increased by 33.2%, while exports to Canada and Australia increased by 14.6% and 8.8%, respectively.
However, demand from the UK fell by 8.1%, and demand from France fell by 34.9%.
Average price of a car
Average price of a car, shipped in the second quarter, rose 1.1% compared to the same period last year to $23,097.
Imports
In the second quarter, imports into South Korea fell 25.3% to $3.4 billion, marking the fourth consecutive year-on-year decline.
- Auto