South Korea’s Auto Exports Rise in First Half of 2024

South Korea's car exports hit a fresh high in the first half of 2024, data showed Tuesday, amid growing global demand for hybrid models. The combined value of car shipments reached US$37 billion in the January-June period, up 3.8 % from a year earlier, according to the South Korean Ministry of Trade, Industry and Energy. The number of cars shipped totaled 1,467,196, up 3.2 % over the period. In June alone, however, automobile exports edged down 0.4 % to $6.2 billion, mainly due to fewer business days. "(South 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 ministry said in a statement. The number of cars produced totaled 2,145,292 in the first half, down 2.4 % on-year. Domestic car sales fell 10.7 % 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: Qatar News Agency