• 21.07.2024

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    South Korea’s Car Exports Soar to Record High in 2020: Optimism for Second Half despite US Election Uncertainty

    Jul 10, 2024

    According to the Chosun Ilbo, South Korea’s car export hit a record high in the first half of this year thanks to the rising sales of high-profit hybrid cars and SUVs.

    South Korea's Car Exports Soar to Record High in 2020: Optimism for Second Half despite US Election Uncertainty

    According to data from the South Korean Ministry of Trade, Industry and Energy and the Korea International Trade Association, South Korea’s car exports reached $37 billion in the first six months of this year, up 3.8% from the same period last year. Exports to the United States surged by 30% to $18.5 billion, making the U.S. South Korea’s largest car export partner, accounting for 49.9% of total car exports. Exports to the European Union market decreased by 30%, while exports to the Middle East fell by 18.7%.

    In addition, South Korean experts are optimistic about the country’s automotive export prospects in the second half of the year. The Korean Automobile Association predicts that by 2024, South Korea’s automotive exports will reach $74.7 billion, a 5.4% increase compared to the previous year, setting a new record. Including automotive parts, South Korea’s automotive exports for this year are expected to reach $98 billion, mainly due to the “recovery in European sales” and the “launch of new electric vehicle models.” However, experts also warn that the upcoming US election could pose a threat to South Korean manufacturers, especially if Trump is re-elected. Biden has vigorously promoted policies such as the “Inflation Reduction Act” during his term, but Trump may reduce incentives for clean energy and shrink tax credits.