SEOUL, July 17 (Yonhap) — South Korea’s car exports experienced a major surge in the first half of the year, increasing by almost 50 percent compared to the same period in the previous year. The industry ministry attributed this to the strong demand for eco-friendly cars.
According to the Ministry of Trade, Industry and Energy, the total value of outbound shipments of automobiles in the January-June period was $35.7 billion, the highest figure ever recorded for this time of year. The previous record was set in 2014 at $25.2 billion.
The export value of eco-friendly cars rose 70.4 percent to $12.4 billion, which was a major factor in the overall growth of car exports.
The production of domestic cars also increased 23.5 percent to 2.19 million units, aided by the steady supply of automotive semiconductors.
This file photo taken Sept. 16, 2022, shows cars ready to be shipped at Hyundai Motor Co.'s factory in the city of Ulsan, 299 km southeast of Seoul. (Yonhap)
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