S. Korea’s auto export growth expected to slow in 2024

SEOUL, Dec. 4 (Xinhua) — South Korea’s automotive export growth was expected to slow down next year after rising in double digits this year, industry data showed on Monday.

Local automakers were forecast to export 2.75 million vehicles in 2024, up 1.9 percent from a year earlier, according to the Korea Automobile & Mobility Association (KAMA).

It was sharply down from an estimated increase of 17.4 percent in 2023.

In terms of value, the car shipment was projected to expand 3.9 percent to 71.5 billion U.S. dollars in 2024 compared to the previous year after surging 27.2 percent in 2023.

The KAMA said the global auto demand was expected to weaken next year due to the global economic slump and the lower pent-up demand amid the prolongation of restrictive monetary policy stance in major economies.

Domestic car sales were predicted to fall 1.7 percent to 1.71 million units in 2024 after growing 3.3 percent in 2023.

Outlook for auto production in local factories was set at 4.17 million units in 2024, up 0.7 percent compared to the prior year.

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