Exports of Passenger Cars Decline for First Time in Over Two Years in Q3.

Seoul: Exports of passenger cars fell for the first time in over two years in the third quarter of 2024, data showed Thursday. South Korean carmakers shipped US$13.96 billion worth of passenger cars during the July-September period, marking a decrease of 4.7 percent from a year earlier. According to Yonhap News Agency, this decline represents the first on-year fall since the first quarter of 2022, when car exports experienced a slight decrease of 0.6 percent. The data highlights a shift in the trend as exports have consistently risen over the past two years. In contrast, imports of passenger cars saw an increase, rising 12.6 percent to $3.04 billion in the third quarter. This marks the first on-year increase in imports since the fourth quarter of 2023, indicating a potential change in consumer demand or market dynamics.