Over 60 % of South Korea’s automotive exports throughout most of 2024 have been shipped to North America, based on trade knowledge, elevating issues concerning the want for extra balanced world export methods.
The mixed exports of the 5 South Korean automotive corporations — Hyundai Motor, Kia, GM Korea, KG Mobility, and Renault Korea Motors — totaled 1,857,111 models in the course of the January-August interval. Of these, 61.4 %, or 1,140,073 models, had been shipped to North America, marking a 15.9 % improve from 983,321 models throughout the identical interval final yr.
Particularly, exports to america totaled 970,066 models, representing about half of all South Korean automotive exports in the course of the interval. American exports noticed an 18.7 % on-year leap.
In distinction, exports to different areas skilled important declines. Shipments to Africa dropped 44.7 %, whereas exports to Asia, the European Union, Latin America, and the Center East fell by 23.5 %, 26.1 %, 11.6 %, and 9.2 %, respectively.
Market watchers have expressed issues over South Korea’s rising reliance on the US marketplace for automotive exports. Some fear that the following American administration may introduce regulatory measures in response to a big commerce surplus with South Korea.
“If the commerce surplus with the US turns into too giant resulting from elevated automotive exports, even an ally reminiscent of South Korea may face measures reminiscent of tariffs,” mentioned Kim Pil-soo, an automotive professor at Daelim College. (Yonhap)
