South Korean automobile exports expected to hit record high in 2024
Date
6/23/2024 7:43:50 AM
(MENAFN) According to a recent report released by the Korea Automobile and Mobility Association (KAMA), South Korea anticipates a significant surge in car exports this year, potentially reaching unprecedented levels. This optimistic outlook is largely attributed to the robust demand for environmentally friendly vehicle models and versatile sports cars in global markets.
The report, highlighted by the South Korean Yonhap News Agency, forecasts a notable 5.4 percent annual increase in automobile exports, projecting a total value of USD74.7 billion for the year 2024. Notably, the first five months of the year have already seen a commendable growth of 4.7 percent year-on-year, amounting to USD30.8 billion in car exports.
The association's analysis underscores the anticipated steady growth trajectory in automotive exports throughout the latter half of the year. This projection is fueled by heightened demand from the North American market and the growing preference for South Korean manufacturers renowned for producing SUVs and hybrid vehicles.
May witnessed a particularly remarkable milestone in South Korea's automotive export history, with a 4.8 percent annual increase recorded. Data released by the Korean Ministry of Trade, Industry, and Energy highlighted a record-breaking achievement, with car shipments surpassing USD6.5 billion. This figure notably exceeds the previous May record set in 2023, signaling a sustained upward trend in South Korea's automotive export performance.
Overall, the prevailing trends underscore South Korea's burgeoning position as a global automotive powerhouse, driven by its innovative technologies and the increasing appeal of its eco-friendly and versatile vehicle offerings in international markets.
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