South Korean car export prices hit record high amid surged demand
Date
7/16/2024 7:16:24 AM
(MENAFN) In the first half of 2024, the average price of South Korean cars shipped overseas reached a new peak, driven by rising demand for premium models. According to data from the Korea Automobile and transportation Association, the average export price of cars stood at USD25,224 from January to June, marking a modest increase of 0.5 percent compared to USD25,079 recorded in the same period last year. This upward trend in export prices was reported a news agency, which attributed the rise to heightened global interest in environmentally friendly vehicles, as well as in four-wheel drive and commercial vehicles, which typically command higher prices.
Simultaneously, the total value of South Korea's automobile exports surged to USD37 billion in the first half of the year, reflecting a notable increase of 3.9 percent compared to the previous year's corresponding period. Noteworthy growth areas included a 19.5 percent year-on-year increase in hybrid car exports and a 6 percent rise in commercial vehicle exports, as detailed in data compiled separately by the Ministry of Trade, Industry and Energy.
The robust performance of South Korean car exports underscores the country's competitive position in the global automotive market, buoyed by strong demand for diverse vehicle categories and a strategic focus on innovative and eco-friendly technologies. As South Korea continues to leverage these strengths, stakeholders will monitor how market dynamics and global trends influence the trajectory of its automotive sector in the latter half of 2024 and beyond.
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