Seoul : South Korea’s car exports are estimated to have reached a record US$37 billion for the first half of the year, according to industry data Sunday.
Automobile exports are estimated to have increased 3.8 percent on-year during the January-June period to reach $37.01 billion, marking the highest tally for the first half of any year, according to tentative data from the industry ministry and the Korea International Trade Association.
The previous record was at $35.65 billion last year, boosted by 46.5 percent on-year growth from 2022. Since 2021, car exports have seen positive year-on-year growth for four consecutive years in the first half.
By region, car exports to the United States, the world’s largest market, jumped 29.8 percent to $18.45 billion. In contrast, exports to the European Union decreased by 30 percent, while those to the Middle East and Latin America slipped 18.7 percent and 8.3 percent, respectively.
Shipments of hybrid vehicles and internal combustion engine models grew 19.5 percent and 7.2 percent, respectively, but exports of electric vehicles fell by 17.5 percent during the period, according to data.
