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South Korea’s auto exports hit an unprecedented new record in the first half of 2024 as global demand for hybrid vehicles continues to grow.
Yonhap News Agency quoted the Ministry of Trade, Industry and Energy of South Korea as saying that the total value of automobile exports from January to June reached 37 billion US dollars, an increase of 3.8% year-on-year. The cumulative shipment volume was 2 million units, an increase of 3.2% year-on-year to 467,196 units.
Still, auto exports fell 0.4% to $6.2 billion in June due to fewer workdays.
The ministry explained in a statement that South Korea’s monthly automobile exports maintained a strong performance, remaining above $6 billion since November last year, except for February due to holidays.
In the first half of the year, total vehicle production reached 2 million units, down 2.4% year-on-year to 145,292 units, while local vehicle sales fell 10.7% to 798,544 units during the same period.
The South Korean government has stressed the goal of achieving $100 billion in automobile and parts exports this year and pledged to provide necessary support to exporters in the industry.
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