Korea’s auto exports hit $37 billion in H1

The Republic of Korea's car exports hit a fresh high in the first half of 2024, amid growing global demand for hybrid models, Yonhap News Agency reported, citing the Ministry of Trade, Industry and Energy on Tuesday. The combined value of car shipments reached US$37 billion in the January-June period, up 3.8 percent from a year earlier. The number of cars shipped totalled 1,467,196, up 3.2 percent over the period. In June alone, however, automobile exports edged down 0.4 percent to $6.2 billion, mainly due to fewer business days. In a statement, the ministry said that Korea's monthly car exports have been maintaining robust performance, hovering above $6 billion since November last year, except for February when there was a holiday. The number of cars produced totaled 2,145,292 in the first half, down 2.4 percent on-year. Domestic car sales fell 10.7 percent to 798,544 during the period. The government set this year's export target for vehicles and auto parts at $100 billion and vowed to extend support for exporters. Source: Emirates News Agency