SEOUL (ANN/THE KOREA HERALD) – Data from the Korea Automobile & Mobility Association revealed that the average export price of cars rose to USD25,224 from January to June, marking a 0.5 per cent increase compared to USD25,079 recorded in the same period last year.
The average price of South Korean automobiles shipped abroad reached a new record high in the first half of 2024, driven by increasing demand for premium models.
This uptick reflects heightened consumer interest in eco-friendly vehicles, SUVs, and commercial cars, which typically carry higher price tags.
Over the first half of the year, the total value of automobile exports surged by 3.9 per cent to USD37 billion.
Separate statistics from the South Korean Ministry of Trade, Industry and Energy indicated a notable 19.5 per cent year-on-year increase in hybrid car exports, alongside a 6 percent rise in commercial vehicle shipments.
“Export volumes of commercial vehicles are rebounding from the downturn triggered by reduced public transport use during the COVID-19 pandemic, as well as intensified competition from Chinese counterparts offering more competitive pricing,” noted an industry expert.
