Car exports in Southern Korea hit record high in H1 of 2024
(MENAFN) According to a report, South Korea's automotive exports surged by 3.8 percent year-on-year to USD37 billion in the first half of this year, setting a new record for the sector. This achievement surpasses the previous record of USD35.65 billion recorded in the first half of last year and significantly exceeds the USD25.23 billion recorded in the same period in 2014. Data from the Ministry of Trade, Industry and Energy and the Korea International Trade Association underscored the robust performance driven by increased exports of high value-added vehicles, particularly environmentally friendly models such as electric and hybrid vehicles, destined for markets in North America and Europe.
Overall, South Korea's total exports for the first half of 2024 saw a notable 9.1 percent year-on-year increase, reaching USD334.8 billion, while imports decreased by 6.5 percent to USD311.7 billion, according to the Ministry of Trade, Industry and Energy. This resulted in a trade surplus of USD23.1 billion for the period, marking the highest surplus since the first half of 2018, when it reached USD31.1 billion.
The data highlights South Korea's robust export performance across various sectors, buoyed by ongoing global demand and strategic market expansions. In June alone, exports continued their upward trajectory for the ninth consecutive month, bolstered by strong semiconductor exports, which rose by 5.1 percent year-on-year to USD57 billion. The consistent growth in exports underscores South Korea's resilience and competitive edge in the global market, particularly in high-tech industries and advanced automotive technologies.
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