South Korean carmakers shipped $17.8 billion worth passenger cars in Q2

Seoul, July 31: Exports of passenger cars reached a record high in the second quarter (Q2) of this year on solid demand from the United States and Canada, data showed on Wednesday.

South Korean carmakers shipped $17.8 billion worth of passenger cars over the April-June period, up 6.8 per cent from a year earlier, according to the Korea Customs Service.

It marked the highest quarterly figure ever and the ninth consecutive quarterly growth, it added.

During the first six months of 2024, car exports added 4.9 percent on-year to $33.6 billion, also a record level for any six-month period, reports Yonhap news agency.

Imports sank 25.3 per cent in the second quarter to $3.4 billion, the fourth consecutive on-year fall.

The growth in outbound shipments was driven by rising demand for mid- and large-sized petrol cars, while the value of eco-friendly cars exported inched down from a year earlier.

Of eco-friendly cars, the export value of hybrid cars reached an all-time high of $3.02 billion in the second quarter, the data showed.

By destination, exports to the U.S. advanced 33.2 per cent in terms of value in the second quarter, with those to Canada and Australia rising 14.6 per cent and 8.8 per cent, respectively.

But demand from Britain fell 8.1 per cent and that from France tumbled 34.9 per cent.

The average price of cars shipped in the second quarter rose 1.1 per cent on-year to $23,097.

That of imports slid 22.7 per cent on-year to $39,595, the agency said.