{"id":5317,"date":"2024-07-10T00:00:00","date_gmt":"2024-07-10T00:00:00","guid":{"rendered":"https:\/\/superpdr.com\/south-koreas-auto-exports-hit-record-high-in-first-half-of-2024\/"},"modified":"2026-03-11T11:36:25","modified_gmt":"2026-03-11T03:36:25","slug":"south-koreas-auto-exports-hit-record-high-in-first-half-of-2024","status":"publish","type":"post","link":"https:\/\/superpdr.com\/it\/news\/south-korea-s-auto-exports-hit-record-high-in-78911795.html","title":{"rendered":"South Korea&#8217;s Auto Exports Hit Record High in First Half Of 2024."},"content":{"rendered":"<article>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0South Korea&#8217;s auto exports hit a record high in the first half of the year, thanks to climbing sales of high-margin hybrid cars and SUVs, according to Korea JoongAng Daily.<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0 \u00a0 \u00a0 According to the Ministry of Industry, Trade and Resources (MITR) and the Korea Trade Association (KITA), South Korea&#8217;s auto exports were worth $37 billion from January to June this year, up 3.8 per cent from $35.7 billion in the same period last year. Among them, auto exports to the United States rose 30 per cent year-on-year to $18.5 billion, accounting for 49.9 per cent of the country&#8217;s total auto exports, making the United States South Korea&#8217;s largest auto export partner; exports to the European Union market decreased by 30 per cent; and exports to the Middle East fell 18.7 per cent.<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0 \u00a0 \u00a0By power type, Korea&#8217;s exports of electric vehicles fell by 17.6 per cent in the first half of the year as global demand for electric vehicles stagnated; exports of hybrid vehicles and internal combustion engine vehicles (such as petrol and diesel-powered vehicles) increased. Among them, the export value of hybrid cars rose 19.5 per cent year-on-year, while the export value of internal combustion engine cars rose 7.2 per cent year-on-year.<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0 \u00a0 \u00a0In addition, Korean experts are bullish on the country&#8217;s auto export prospects for the second half of the year. The Korea Automobile &amp; Mobility Association (KAMMA) forecasts that South Korea&#8217;s auto exports will reach a record high of $74.7 billion in 2024, up 5.4% year-on-year; if auto parts are taken into account, South Korea&#8217;s auto exports will reach $98 billion this year, and this is mainly thanks to the &#8220;recovering sales in Europe&#8221; and &#8220;the launch of new electric car models.&#8221;<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0 \u00a0 \u00a0But experts have also warned that the upcoming U.S. election could pose a threat to South Korean manufacturers, especially if Trump is re-elected. Biden has pushed hard for policies such as the Inflation Reduction Act during his tenure, but Trump could reduce incentives for clean energy and scale back tax credits.<\/p>\n<\/article>","protected":false},"excerpt":{"rendered":"<p>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0South Korea&#8217;s auto exports hit a record high in the first half of the year, thanks to climbing sales of high-margin hybrid cars and SUVs, according to Korea JoongAng Daily. \u00a0 \u00a0 \u00a0 \u00a0 According to the Ministry of Industry, Trade and Resources (MITR) and the Korea Trade Association (KITA), [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5318,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newslist-136510-1"],"acf":[],"_links":{"self":[{"href":"https:\/\/superpdr.com\/it\/wp-json\/wp\/v2\/posts\/5317","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/superpdr.com\/it\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/superpdr.com\/it\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/superpdr.com\/it\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/superpdr.com\/it\/wp-json\/wp\/v2\/comments?post=5317"}],"version-history":[{"count":1,"href":"https:\/\/superpdr.com\/it\/wp-json\/wp\/v2\/posts\/5317\/revisions"}],"predecessor-version":[{"id":9469,"href":"https:\/\/superpdr.com\/it\/wp-json\/wp\/v2\/posts\/5317\/revisions\/9469"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/superpdr.com\/it\/wp-json\/wp\/v2\/media\/5318"}],"wp:attachment":[{"href":"https:\/\/superpdr.com\/it\/wp-json\/wp\/v2\/media?parent=5317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/superpdr.com\/it\/wp-json\/wp\/v2\/categories?post=5317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/superpdr.com\/it\/wp-json\/wp\/v2\/tags?post=5317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}