Automobile exports are estimated to have increased 3.8% on-year during the January-June period to reach USD 37.01 billion, marking the highest tally for the first half of any year, according to tentative data from the industry ministry and the Korea International Trade Association.
The previous record was at USD 35.65 billion last year, boosted by 46.5% on-year growth from 2022. Since 2021, car exports have seen positive year-on-year growth for four consecutive years in the first half, reports Yonhap news agency.
By region, car exports to the US, the world's largest market, jumped 29.8% to USD 18.45 billion. In contrast, exports to the European Union decreased by 30%, while those to the Middle East and Latin America slipped 18.7% and 8.3%, respectively.
Shipments of hybrid vehicles and internal combustion engine models grew 19.5% and 7.2%, respectively, but exports of electric vehicles fell by 17.5% during the period, according to data.
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