The value of new vehicle exports from South Korea rose by almost 4% to US$37.01bn in the first half of 2024 compared with US$35.65bn in the same period of last year, , driven by strong demand in the US, according to data released by the country’s Ministry of Trade, Industry and Energy.
Overall shipments of battery electric vehicles (BEVs) declined 17.5% to US$7.02bn in the six month period, but that was more than offset by a 19.5% surge in exports of hybrid vehicles and a 7.2% rise in internal combustion engine (ICE) vehicle exports to US$29.99bn combined.
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The US was by far the biggest export destination for South Korean vehicles year to date with shipments surging 30% to US$18.45n, almost half the country’s total auto exports. Shipments to the EU plunged 30% to US$3.94bn while exports to the Middle East fell by 19% and Latin America by 8%.
The South Korean government was targeting US$75bn worth of auto exports over the full year, with year on year growth expected to accelerate to 6.5% to US$38bn in the second half of the year.
