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Auto Exports Projected to Hit Record High This Year

Written: 2024-06-23 12:21:17Updated: 2024-06-23 13:43:00

Auto Exports Projected to Hit Record High This Year

Photo : YONHAP News

The country's auto exports are projected to hit a record high this year.

According to the Korea Automobile and Mobility Association (KAMA) on Sunday, the country's car exports are forecast to grow five-point-four percent on-year to 74-point-seven billion dollars this year to post an all-time high.

The amount is expected to reach 98 billion dollars if taken together with expected auto component sales in the global market.

However, auto sales in the domestic market are expected to fall five-point-nine percent to one-point-65 million units this year.

KAMA chief Kang Nam-hoon called for support for those replacing old vehicles, a reduction in individual consumption tax and other measures to prevent the weakening of the growth engine of the automobile industry due to a decline in domestic demand. 

He also stressed the need to maintain the stable labor-management relationship and introduce flexible working systems to continue the export growth momentum.

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