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Korean Imported Car Sales Drop 5.4% in June
According to a report by the Korea Automobile Importers and Distributors Association (KAIDA), the number of newly registered imported passenger cars in South Korea in June amounted to 25,300 units, a 4.5% increase from the previous month but a 5.4% decrease year-over-year. In the first half of 2024, the cumulative sales of imported passenger cars in South Korea reached 125,652 units, a decrease of 3.9% compared to the same period last year.Last month, Mercedes-Benz topped the South Korean imported passenger car market with sales of 6,661 units, regaining the lead after BMW led in the first quarter. BMW, which was in the lead in May, slipped to second place with 6,172 units sold. Tesla ranked third with 5,293 units, followed by Volvo (1,452 units) and Lexus (1,047 units), with Audi (902 units), MINI (746 units), Toyota (660 units), Land Rover (414 units), and Volkswagen (400 units) rounding out the top ten.
The Tesla Model Y was the best-selling imported passenger car in South Korea last month, with sales of 3,404 units, followed by the Model 3, which sold 1,753 units. The Mercedes-Benz E 200 maintained its popularity, selling 1,111 units in June.
Additionally, South Korea’s export recovery was driven by strong demand for semiconductors and cars in June, marking the ninth consecutive month of growth in exports. However, the growth rate was lower than expected.
The Korea Customs Service’s preliminary data shows that South Korea’s overseas sales reached $57.07 billion in June, up 5.1% year-over-year, while imports totaled$49.07 billion, down 7.5% year-over-year.
The June export growth was below analysts’ forecast of 6.3%, likely due to a calendar effect not factored into some forecasts. There were 21.5 workdays in June 2024, fewer than the 23 days in June 2023.
Due to rising memory chip prices, South Korea’s semiconductor exports surged 52.2% year-over-year in June, while car exports grew 3.8%. Among South Korea’s nine major export destinations, exports to six increased. Data showed that South Korea’s exports to the United States and China increased by 16.8% and 5.4%, respectively.
IBK Securities economist Jeong Yong-taek said, “Throughout the second half of the year, South Korea’s overseas shipments are expected to continue expanding, as the global wave of artificial intelligence continues to support demand for South Korean chips, especially when Apple launches new products. Against the backdrop of a strong dollar, the won is expected to remain weak, providing support for South Korea’s exports.”
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