SEOUL — South Korea's car exports have soared to a record-breaking US$37 billion in the first half of this year, setting a new high for the period.
According to Yonhap News Agency, Industry data revealed that the nation's automobile exports climbed 3.8 percent on-year, reaching $37.01 billion from January to June, according to preliminary figures from the industry ministry and the Korea International Trade Association. This increase surpasses the previous record of $35.65 billion set last year, continuing a positive growth trend seen over the last four years.
Despite a general upswing, regional performances varied significantly. Exports to the United States, the largest market for Korean cars, surged by 29.8 percent to $18.45 billion. However, sales to the European Union saw a substantial decline of 30 percent, with similar downturns observed in the Middle East and Latin America, where exports decreased by 18.7 percent and 8.3 percent, respectively. Notably, hybrid vehicle and internal combustion engine model shipments grew by 19.5 percent and 7.2 percent, respectively, while electric vehicle exports fell by 17.5 percent during the same period.