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\u00a0 \u00a0 \u00a0 \u00a0South Korea’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

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\u00a0 \u00a0 \u00a0 According to the Ministry of Industry, Trade and Resources (MITR) and the Korea Trade Association (KITA), South Korea’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’s total auto exports, making the United States South Korea’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

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\u00a0 \u00a0 \u00a0By power type, Korea’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

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\u00a0 \u00a0 \u00a0In addition, Korean experts are bullish on the country’s auto export prospects for the second half of the year. The Korea Automobile & Mobility Association (KAMMA) forecasts that South Korea’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’s auto exports will reach $98 billion this year, and this is mainly thanks to the “recovering sales in Europe” and “the launch of new electric car models.”<\/p>\n

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\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":"

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0South Korea’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), […]<\/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":[],"yoast_head":"\n