SEOUL - South Korean automobiles have achieved a record high in average export prices in the first half of 2024, propelled by increasing international demand for premium, eco-friendly, and commercial vehicles.
According to Yonhap News Agency, the average export price for South Korean cars rose to US$25,224 during the January-June period, marking a 0.5 percent increase from the previous year's average of $25,079. This growth reflects a significant shift towards more expensive models such as SUVs, hybrids, and commercial vehicles, which are generally priced higher than standard models.
The report highlighted that the total value of automobile exports also saw a rise, reaching $37 billion, up 3.9 percent compared to the same period last year. Notably, the export of hybrid vehicles surged by 19.5 percent year-on-year, while commercial vehicle exports grew by 6 percent, according to additional data from the Ministry of Trade, Industry and Energy.
An industry analyst noted the recovery in the commercial vehicle sector, which had previously suffered from a decline due to the COVID-19 pandemic affecting public transportation usage and the emergence of more competitively priced Chinese manufacturers. This recovery is seen as a positive trend for South Korea's automobile industry, which is increasingly focusing on higher-end and environmentally friendly models to compete in the global market.