According to the Yonhap News Agency, on June 23, the South Korean Automobile Association (KAMA) stated that thanks to the strong demand for environmental protection models and SUV models, South Korea ‘s automobile export volume in 2024 is expected to reach a record high.
According to Kama’s forecast, this year, the export value of South Korea will increase by 5.4%over the same period last year to $ 74.7 billion, a record high; if the export amount of automobile parts is added, it is expected to reach $ 98 billion.
Kama said in the report that “the demand for the North American market is strong, and the SUV and hybrid models of Korean auto manufacturers are becoming more and more popular. It is expected that automobile exports will achieve steady growth in the second half of the year.” “In the case of geopolitical instability, we must maintain stable labor relations, introduce elastic work systems, and implement policy support that can ensure stable delivery in order to maintain the growth momentum of export business.”
On June 20, the “MINISTRY and Energy)” MINISTRY and Energy) released the “May 2024 Auto Industry Trends Report” released by the Ministry of Industry. , Set the highest record in May; in the first five months of this year, the cumulative export volume of South Korean cars was US $ 30.81 billion, an increase of 4.7%over the same period last year, and it also reached a record high.
Last month, the total export of environmental protection models such as hybrid vehicles was 2.18 billion US dollars, an increase of 3.7%year -on -year, and it has exceeded $ 2 billion for three consecutive months. Among them, the export volume of hybrid vehicles was 1.03 billion US dollars, up 48.2%year -on -year.
However, KAMA’s forecast also shows that due to the weak demand and high base effect of the domestic market in South Korea, it is expected that the sales of automobiles in South Korea in 2024 will decrease by 5.9%year -on -year to 1.65 million units. To 4.24 million vehicles.