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South Korea Car Export in 2024: Record High Expected

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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)

YearExport ValueYoY Change
202267.8
202371.45.3%
2024 (Forecast)74.74.6%

Table 2: South Korea Car Exports by Month in 2023 and 2024 (in Billion USD)

Month20232024MoM ChangeYoY Change
January4.25.223.8%24.1%
February4.55.624.4%22.2%
March5.16.119.6%19.6%
April5.46.418.5%18.5%
May5.87.529.3%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.


Sources:

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This article was written by the editorial team of Financeflashnews. We strive to provide you with accurate and up-to-date information from the world of finance and investment. If you find any errors in the article, please let us know at corrections@financeflashnews.com. Your feedback is valuable to us and will help us improve the quality of our content.

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