South Korea's April Auto Exports Drop 5.5% YoY, Middle East Plummets 38.7%

Data released by the South Korean government on May 20 showed that the country's total automobile exports in April 2024 amounted to USD 6.17 billion, down 5.5% year-on-year. Exports to the Middle East plummeted by 38.7% year-on-year, primarily due to geopolitical conflicts in the region. Meanwhile, during the same period, South Korea’s auto exports to North America, Latin America, and Oceania rose by 2.4%, 23.7%, and 20.1%, respectively, while exports to the European Union and Asia declined by 13.1% and 31.7%, respectively. Domestically, South Korea produced 362,000 vehicles in April, a 6.1% year-on-year decrease, mainly affected by disruptions in parts supply chains and consumers delaying purchases while awaiting new or updated models. Relevant authorities expect production disruptions caused by supply chain issues to gradually normalize starting in June.