Cumulative automobile exports from January to May 2024 reached $30.8 billion, the highest performance during the same period.
The Ministry of Trade, Industry and Energy is strengthening policy support to achieve $100 billion in automobile and parts exports.

The Ministry of Trade, Industry and Energy (MOTIE) announced on the 20th that automobile exports in May amounted to $6.5 billion, a 4.8% increase from May of last year, and this is the highest May performance ever.

Based on the cumulative total from January to May 2024, it recorded $30.8 billion (+4.7% year-on-year), the highest performance during the same period.

▲Automobile industry exports in May 2024 (Source: Ministry of Trade, Industry and Energy)

May's exports of eco-friendly vehicles reached $2.18 billion, up 4% from May of last year, driven by high growth in hybrid vehicles (+48% year-on-year), marking the third consecutive month of exports exceeding $2 billion.

Looking at exports by region, exports to North America, the largest export market (USD 4 billion), increased 36% year-on-year, driving overall automobile exports.

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▲Automobile exports by region in May 2024 (Source: Ministry of Trade, Industry and Energy)

Meanwhile, exports to Europe appear to have decreased somewhat due to the expansion of local production at factories in the Czech Republic and Slovakia, while exports to Oceania are analyzed to have increased by approximately 7% year-on-year due to the effect of the new Santa Fe and Carnival hybrids in the Australian market.

Automobile production in May was approximately 373,000 units (down 2% year-on-year), continuing its solid performance based on demand in the global market.

In the second half of the year, Kia Autoland Gwangmyeong Plant 2 will complete its conversion to an electric vehicle-only plant and begin full-scale operations. A rebound is expected based on the launch of new electric vehicles, including the EV3.

Domestic automobile sales in May recorded approximately 141,000 units (down 7% year-on-year), and eco-friendly vehicles sold approximately 52,000 units, a 10% increase year-on-year.

Hybrid vehicles recorded sales of 38,000 units, a 19% increase from May last year, while electric vehicles recorded sales of 13,000 units, a 3% decrease.

Meanwhile, the Ministry of Trade, Industry and Energy plans to actively respond to the recent rise in maritime freight rates by early execution of export vouchers and deployment of three temporary vessels, while strengthening policy support through the implementation of the Future Automobile Parts Industry Act in July, with the goal of exporting $100 billion worth of automobiles and automobile parts by 2024.