According to Yonhap News Agency, on June 23, the Korea Automobile Association (KAMA) said that South Korea's automobile exports in 2024 are expected to hit a record high thanks to strong demand for environmentally friendly models and SUV models.
According to KAMA's forecast, this year, South Korea's automobile exports will increase by 5.4% year-on-year to US$74.7 billion, a record high; if the export of auto parts is included, it is expected to reach US$98 billion.
KAMA said in the report, "Demand in the North American market is strong, and SUVs and hybrid models of Korean automakers are becoming more and more popular. Auto exports are expected to achieve steady growth in the second half of the year." KAMA Chairman Kang Nam-hoon said, "In the face of geopolitical instability, it is necessary to maintain stable labor-management relations, introduce flexible working hours, and implement policy support that can ensure stable delivery in order to maintain the growth momentum of export business."
On June 20, the "Automotive Industry Trend Report in May 2024" released by the Ministry of Trade, Industry and Energy of South Korea showed that in May this year, South Korea's automobile exports reached US$6.49 billion, a year-on-year increase of 4.8%, setting a record high for May exports; in the first five months of this year, the cumulative export value of South Korea's automobiles was US$30.81 billion, an increase of 4.7% over the same period last year, also a record high.