South Korea's Average Export Price Of Cars Hits Record High

The average price of South Korean automobiles shipped overseas hit a new record high in the first half of 2024, data showed on Sunday, following the growing demand for premium models.

According to data compiled by the Korea Automobile & Mobility Association, the average price of car exports reached $25,224 over the January-June period, up 0.5 per cent from USD 25,079 recorded a year earlier.

The increase came amid growing demand for eco-friendly models, as well as SUVs and commercial cars, which typically come with higher price tags, reports Yonhap news agency.

The combined value of automobile exports, meanwhile, reached USD 37 billion in the first half of this year, up 3.9 per cent over the period.

South Korea's exports of hybrid cars rose 19.5 per cent on-year in the first half, with those of commercial vehicles also increasing by 6 percent, according to separate data compiled by the Ministry of Trade, Industry and Energy.

"Exports of commercial vehicles are showing signs of recovery from the slump caused by the COVID-19 pandemic, which had affected public transportation usage, as well as from the rise of Chinese competitors with higher price competitiveness," an industry watcher said.