South Korea’s average export price of cars hits record high

Seoul, July 14 (IANS) The average price of South Korean automobiles shipped overseas hit a new record high in the first half of 2024, data showed on Sunday, following the growing demand for premium models.

According to data compiled by the Korea Automobile & Mobility Association, the average price of car exports reached $25,224 over the January-June period, up 0.5 per cent from $25,079 recorded a year earlier.

The increase came amid growing demand for eco-friendly models, as well as SUVs and commercial cars, which typically come with higher price tags, reports Yonhap news agency.

The combined value of automobile exports, meanwhile, reached $37 billion in the first half of this year, up 3.9 per cent over the period.

South Korea’s exports of hybrid cars rose 19.5 per cent on-year in the first half, with those of commercial vehicles also increasing by 6 percent, according to separate data compiled by the Ministry of Trade, Industry and Energy.

“Exports of commercial vehicles are showing signs of recovery from the slump caused by the COVID-19 pandemic, which had affected public transportation usage, as well as from the rise of Chinese competitors with higher price competitiveness,” an industry watcher said.

–IANS

na/