South Korea clocks $37 bn in car exports
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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.
