South Korea's auto exports are expected to hit a record high this year, an official report from the Korea Automobile and Mobility Association (KAMA) said Sunday.
The report attributed this to the strong demand for environmentally friendly models and SUVs.
South Korea's Yonhap News Agency reported on the association that auto exports are expected to increase 5.4 percent year-on-year to $74.7 billion in 2024.
Car exports rose 4.7 percent year-on-year in the first five months of the year to $30.8 billion.
The association said auto exports are expected to register steady growth in the second half, driven by strong demand from the North American market and the rising popularity of South Korean companies that produce SUVs and hybrids.
South Korea's auto exports rose 4.8 percent year-on-year in May to a record high, driven by strong demand for eco-friendly vehicles, data from the country's Ministry of Trade, Industry and Energy showed on Tuesday.
The total value of car shipments reached $6.5 billion in May, surpassing the previous record for all Mays set in 2023, when the value reached $6.23 billion, the ministry was quoted by Yonhap news agency as saying.
