Vehicle exports from South Korea fell 0.8% year on year to 680,000 units in the first quarter of 2024, according to data released by the Korea Customs Service (KCS).
In terms of value, exports increased 2.8% to a new first quarter record high of US$15.84bn, however, after shipments hit a record $70.9bn in the whole of 2023.
Go deeper with GlobalData
Q1 exports were driven by a 24% jump in shipments to the US to $8.7bn and by a 2.4% increase to Canada to $1.23bn.
This more than offset a 39% drop in shipments to Germany, a 13% fall to the UK and an almost 12% decline to Australia.
Exports to Europe were affected by shipping delays caused by geo-political tensions in the Red Sea.
The KCS noted strong exports of mid size and larger petrol driven vehicles offset a 3.3% drop in eco friendly vehicles to $5.84bn with battery electric vehicle shipments particularly weak. Exports of hybrid vehicles enjoyed quarterly record shipments worth $2.09bn.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataImports of vehicles into South Korea fell for the third consecutive quarter with the value plunging 29% to $2.7bn.
Separate data released by the newly renamed Korea Automobile & Mobility Association (KAMA) showed shipments of eco friendly vehicles, comprising battery electric vehicles (BEVs), hybrids/plug-in hybrids and hydrogen fuel cell vehicles, fell 5.6% to 178,003 units in the first quarter from 188,607 units a year earlier.
