Seoul, June 24, 2024 – According to forecasts by the Korea Automobile and Mobility Association (KAMA), South Korea’s car exports are projected to reach a record high this year. The growth will be driven by strong demand for eco-friendly and SUV models in global markets.
Key Highlights:
- The value of South Korea’s vehicle exports is expected to increase by 5.4% to $74.7 billion (69.89 billion euros) in 2024.
- During the first five months of 2024, South Korea’s car exports rose 4.7% to $30.8 billion (28.8 billion euros).
- A slight decline in domestic vehicle production of 0.1% to 4.24 million units is anticipated.
- The export growth is attributed to strong demand for eco-friendly and SUV models.
- The trend of growth in South Korea’s car exports is expected to continue in the coming years.
South Korea Car Export Tables
Table 1: South Korea Car Export Value (in Billion USD)
| Year | Export Value | YoY Change |
|---|---|---|
| 2022 | 67.8 | – |
| 2023 | 71.4 | 5.3% |
| 2024 (Forecast) | 74.7 | 4.6% |
Table 2: South Korea Car Exports by Month in 2023 and 2024 (in Billion USD)
| Month | 2023 | 2024 | MoM Change | YoY Change |
|---|---|---|---|---|
| January | 4.2 | 5.2 | 23.8% | 24.1% |
| February | 4.5 | 5.6 | 24.4% | 22.2% |
| March | 5.1 | 6.1 | 19.6% | 19.6% |
| April | 5.4 | 6.4 | 18.5% | 18.5% |
| May | 5.8 | 7.5 | 29.3% | 29.3% |
Further Details:
- South Korean automakers, such as Hyundai Motor and Kia Corporation, have seen a significant increase in sales of eco-friendly and SUV models in recent years.
- Investments in new technology development and production capacity expansion by South Korean automakers are expected to support export growth in the coming years.
- Demand for eco-friendly and SUV models is projected to continue to grow in global markets, which will benefit South Korea’s export outlook.
Conclusion:
South Korea’s car exports are set to reach a record high in 2024, driven by strong demand for eco-friendly and SUV models in global markets. This trend is expected to continue in the coming years, supported by investments in new technologies and growing demand for eco-friendly vehicles.
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