Korea's car exports reach $37 billion in first half of 2024

Korea's car exports hit a fresh high in the first half of 2024, data showed Tuesday, amid growing global demand for hybrid models.

Cars await shipment overseas at a port in the western city of Incheon. [YONHAP]

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 $37 billion in the January-June period, up 3.8 percent from a year earlier, according to the Ministry of Trade, Industry and Energy.

The number of cars shipped totaled 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. "[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.

By destination, exports to the United States increased 25.9 percent on year to $21.7 billion in the first half, while those to Europe decreased 22.7 percent to $6.69 billion due to weaker demand for electric vehicles.

Exports to Asian countries also fell 11.2 percent to $2.66 billion, and those to the Middle East dropped 17.2 percent to $2.45 billion, the data showed.

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.

Yonhap