Over 60% of South Korea’s automotive exports during most of 2024 have been shipped to North America, according to industry data, raising concerns about the need for more balanced global export strategies.
The combined exports of the five South Korean automotive firms – Hyundai Motor, Kia, GM Korea, KG Mobility, and Renault Korea Motors – totaled 1,857,111 units during the January-August period. Of those, 61.4%, or 1,140,073 units, were shipped to North America, marking a 15.9% increase from 983,321 units during the same period last year.
In particular, exports to the United States totaled 970,066 units, representing about half of all South Korean automotive exports during the period. American exports saw an 18.7 % on-year jump.
In contrast, exports to other regions experienced significant declines. Shipments to Africa dropped 44.7%, while exports to Asia, the European Union, Latin America, and the Middle East fell by 23.5%, 26.1%, 11.6%, and 9.2%, respectively.
Source: Qatar News Agency