SEOUL (WAM)
Over 60 per cent of South Korea's automotive exports during most of 2024 have been shipped to North America, according to industry data, raising concerns about the need for more balanced global export strategies.
The combined exports of the five South Korean automotive firms — Hyundai Motor, Kia, GM Korea, KG Mobility, and Renault Korea Motors — totalled 1,857,111 units during the January-August period. Of those, 61.4 per cent, or 1,140,073 units, were shipped to North America, marking a 15.9 per cent increase from 983,321 units during the same period last year, Yonhap reported, citing industry data.
Exports to the United States totalled 970,066 units, representing about half of all South Korean automotive exports during the period. American exports saw an 18.7 per cent on-year jump.
In contrast, exports to other regions experienced significant declines. Shipments to Africa dropped 44.7 per cent, while exports to Asia, the European Union, Latin America, and the Middle East fell by 23.5 per cent, 26.1 per cent, 11.6 per cent, and 9.2 per cent, respectively.
Market watchers have expressed concerns over South Korea's growing reliance on the US market for automotive exports. Some worry that the next American administration could introduce regulatory measures in response to a large trade surplus with South Korea.