This file photo taken Sept. 16, 2022, shows the export lot of Hyundai Motor Co. in the southeastern city of Ulsan, packed with cars waiting to be shipped. (Image courtesy of Yonhap)
SEOUL, Jun. 23 (Korea Bizwire) – South Korea’s car exports are forecast to reach a record high this year, driven by solid demand for eco-friendly models and sport utility vehicles, an industry association said Sunday.
According to the Korea Automobile and Mobility Association (KAMA), the country’s car exports are projected to grow 5.4 percent on-year to US$74.7 billion in 2024, an all-time high.
The amount is expected to come to $98 billion if taken together with expected auto component sales in the global market.
During the first five months of this year, car exports rose 4.7 percent on-year to $30.8 billion, a record figure for any cited period ever, government data showed.
“Car exports are expected to enjoy solid growth in the second half, led by strong demand from the North American market and the rising popularity of domestic makers’ SUVs and hybrid models,” the report read.
KAMA chief Kang Nam-hoon called for efforts to maintain the stable labor-management relationship, the introduction of flexible working systems and policy support to ensure stable shipments amid geopolitical instability to continue the export growth momentum.
But domestic sales of cars are expected to fall 5.9 percent on-year to 1.65 million units in 2024 on weak domestic demand and a high base effect.
Domestic production is forecast to inch down 0.1 percent to 4.24 million this year, according to the report.
(Yonhap)
