Key Points:
- Korea’s auto exports in January-February 2024 exceeded $10 billion, a 9.4% increase from the previous year.
- Hyundai Motor and Kia accounted for most of the exports, with their combined shipments contributing 84.3%.
- GM Korea witnessed the most substantial year-on-year growth among the five companies, with a surge of 73.2% in overseas shipments.
- Renault Korea was the only company to experience a decline in overseas shipments, with exports falling by 59.9%.
Industry data revealed on Sunday that Korea’s auto exports during the initial two months of the year surpassed $10 billion, marking a significant milestone for the country’s automotive sector. According to the Korea Automobile Manufacturers Association (KAMA), the collective exports of five leading automotive manufacturers in Korea, including Hyundai Motor and Kia, reached $10.4 billion in January-February 2024.
This figure reflects a robust growth of 9.4% compared to the previous year. In terms of units, the combined exports amounted to 421,668 units, indicating a 4.8% increase from the corresponding period in 2023.
Breaking down the exports per company, Hyundai Motor witnessed a notable 7% surge, reaching $4.65 billion, which accounted for 44.8% of all exports during the mentioned period. Similarly, Kia’s exports rose by 2.5% to $4.17 billion. The combined exports of Hyundai and Kia constituted a significant portion, totaling 84.3% of all shipments during the period, showcasing the dominance of these two manufacturers in the Korean auto export market.
GM Korea experienced the most substantial year-on-year growth among the five companies, with its overseas shipments surging by an impressive 73.2% to $1.26 billion. This remarkable increase contributed significantly to the overall growth in Korea’s auto exports. KG Mobility, another player in the Korean automotive industry, also demonstrated a substantial increase in exports, soaring by 54.7% to $205.5 million during the first two months of 2024.
However, Renault Korea faced a decline in its overseas shipments, with exports plummeting by 59.9% to $87.37 million. This decline contrasts with the overall growth trend observed among the other leading automotive manufacturers in Korea.
