Car exports reach record $17.8 billion in first six months

Industry

Car exports reach record $17.8 billion in first six months

Published: 31 Jul. 2024, 19:55

LEE JAE-LIM
lee.jaelim@joongang.co.kr

This photo taken Sept. 16, 2022, shows a Hyundai Motor quay in the southern city of Ulsan packed with cars set to be exported. [YONHAP]

Exports of passenger cars reached a record high value of $17.8 billion during the April-June period based on stable demand from the United States and Canada, showed data from the Korea Customs Service released on Wednesday.

The figure is a 6.8 percent jump compared to the year before. It's also the highest quarterly figure ever and the ninth consecutive quarter of growth.

During the first six months of 2024, car exports added 4.9 percent on year to $33.6 billion, also a record level for any six-month period.

Imports sank 25.3 percent in the second quarter to $3.4 billion, the fourth consecutive on-year fall.

The growth in outbound shipments was driven by rising demand for mid- and large-sized petrol cars, while the value of eco-friendly cars exported inched down from a year earlier.

The export value of eco-friendly cars saw a dip of 0.6 percent, but that of hybrid cars reached an all-time high of $3.02 billion in the second quarter, the data showed.

By destination, exports to the United States advanced 33.2 percent in terms of value in the second quarter, with those to Canada and Australia rising 14.6 percent and 8.8 percent, respectively.

Demand from Britain, however, fell 8.1 percent and that from France tumbled 34.9 percent. Demand from Germany also nose-dived 67.3 percent.

The average price of cars shipped in the second quarter rose 1.1 percent on year to $23,097.

By vehicle type, the price increase was driven by mid-sized and compact gasoline cars, at $17,980 and $16,120, respectively. The price for eco-friendly cars dropped 4 percent to $36,690.

The average for imports slid 22.7 percent on-year to $39,595, the agency said.

BY LEE JAE-LIM, YONHAP [lee.jaelim@joongang.co.kr]