Begin typing your search...

South Korea clocks $37 bn in car exports

image for illustrative purpose

South Korea clocks $37 bn in car exports
X

8 July 2024 7:45 AM IST

Seoul: South Korea's car exports are estimated to have reached a record $37 billion for the first half of the year, according to industry data on 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, reports Yonhap news agency.

By region, car exports to the US, the world's largest market, jumped 29.8 percent to $18.45 billion. In contrast, exports to the European Union decreased by 30 per cent, while those to the Middle East and Latin America slipped 18.7 per cent and 8.3 per cent, respectively.

South Korea car exports record $37 billion first half of the year industry data automobile exports year-on-year growth Korea International Trade Association US market European Union Middle East Latin America 
Next Story
Share it