South Korea's auto exports hit record high in 2024H1

Shafaq News/ South Korea's average export price of cars hit a record high in the first half of 2024, driven by strong demand for eco-friendly models and SUVs, industry data showed on Monday.

The average price of cars shipped overseas reached $25,224 in the January-June period, up 0.5% from a year earlier, according to data from the Korea Automobile & Mobility Association.

The increase came amid growing demand for hybrid and electric vehicles, as well as SUVs and commercial vehicles, which typically come with higher price tags.

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

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

Iraq is a major market for South Korean cars of all types. In 2023, car sales in Iraq reached 127,749 units, up 18.4%.

Strong Demand for Korean Cars in Iraq

Data from Focus 2 Move, a firm that provides data on the automotive market, showed that Kia remained the top-selling brand in Iraq in 2023, with sales of 32,547 units, up 8.8%. Toyota was in second place with sales of 32,204 units, up 21.3%, followed by Hyundai in third place with 14,807 units, up 35.6%.