Korea’s H1 car exports estimated at record $37b

Republic of Korea’s car exports are estimated to have reached a record $37 billion for the first half of the year, according to industry data Sunday, Yonhap News Agency reported.

Automobile exports are estimated to have increased 3.8 per cent on-year during the January-June period to reach $37.01 billion, marking the highest tally for the first half of any year, according to tentative data from the industry ministry and the Korea International Trade Association.

The previous record was at $35.65 billion last year, boosted by 46.5 per cent on-year growth from 2022. Since 2021, car exports have seen positive year-on-year growth for four consecutive years in the first half.

Separately, the Republic of Korea logged the largest current account surplus in 32 months in May on the back of a sharp rise in the trade surplus and increased dividend income, Yonhap News Agency reported, citing central bank data on Friday.

The country’s current account surplus reached $8.92 billion in May, a turnaround from a deficit of $290 million in April. The May surplus marks the largest since September 2021, when the surplus came in at $9.51 billion.

May’s surplus came as the country’s trade surplus sharply increased and dividend payments from overseas increased.

The country’s goods account racked up an $8.75 billion surplus in May following a $5.11 billion surplus the previous month. Exports gained 11.1 per cent on-year to reach $58.95 billion in May, while imports declined 1.9 per cent to $50.20 billion.

WAM