South Korea has witnessed a significant uptick in car shipments, recording a 10 percent increase in April 2024, according to recent official data released by the Ministry of Trade, Industry and Energy.
The surge in automotive exports marks a notable rebound over the past three months, fueled by robust global demand for eco-friendly vehicles. Car shipments totaled $6.79 billion in April, marking a 10.3 percent rise from the same period last year and surpassing the previous record high set in November last year at $6.53 billion.
The number of exported vehicles also saw a substantial increase, reaching 271,147 units in April, up 8.8 percent year-on-year. Notably, the export of eco-friendly cars experienced a remarkable surge, jumping 11.6 percent to a record monthly high of $2.29 billion, signaling a promising turnaround after three consecutive months of decline.
While car shipments to North America saw a remarkable surge of 36.6 percent, reaching $4.08 billion, exports to other regions, including the European Union, Asia, Latin America, and Africa, experienced declines in double digits.
Additionally, the export of car auto parts witnessed a modest increase of 2.9 percent, reaching $1.96 billion in April compared to the same period last year. Meanwhile, domestic car production expanded by 3.5 percent to 394,457 units, reflecting the growing momentum in the country’s automotive manufacturing sector.
However, the domestic market showed a slight contraction, with total car sales, including locally-produced and imported vehicles, totaling 141,110 units in April, down 5.5 percent compared to the previous year.
The surge in car exports underscores South Korea’s resilience in the global automotive market and its growing prominence as a key player in the production and export of eco-friendly vehicles. The country’s ability to capitalize on emerging market trends and adapt to changing consumer preferences has positioned it as a significant contributor to the global automotive industry’s growth.
As South Korea continues to expand its presence in the international automotive market, fueled by technological innovation and sustainable development initiatives, industry analysts remain optimistic about the sector’s future growth prospects and its potential to drive economic prosperity in the region.
