Average export price of cars in South Korea reaches record high

SEOUL SEOUL: The average price of South Korean automobiles shipped overseas hit a new record high in the first half of 2024, driven by rising demand for premium models, according to data released on Sunday.The average price of car exports reached $25,224 in the January-June period, up 0.5 per cent from $25,079 recorded a year earlier, according to data compiled by the Korea Automobile & Mobility Association.The rise came amid growing demand for environmentally friendly models as well as SUVs and commercial cars, which typically cost more, reports Yonhap news agency.

Meanwhile, the combined value of automobile exports reached $37 billion in the first half of this year, up 3.9 per cent from the same period last year.South Korea’s exports of hybrid cars rose 19.5 per cent in the first half, while exports of commercial vehicles also rose 6 per cent, according to separate data compiled by the Ministry of Trade, Industry and Energy. “Commercial vehicle exports are showing signs of recovery from the slowdown caused by the Covid-19 pandemic, which impacted public transport usage, as well as the emergence of Chinese competitors with higher price competitiveness,” an industry watcher said.