More than 60% of South Korea’s automobile exports this year have been concentrated in North America, with over half directed to the United States alone. While overall exports saw a slight uptick, the growth was driven by the North American market, while shipments to other regions declined.
From January to August 2024, South Korea’s major automakers—Hyundai, Kia, GM Korea, KG Mobility, and Renault Korea—exported a total of 1.86 million vehicles, according to industry data. Of these, 1.14 million units, or 61.4%, were shipped to North America, marking a 15.9% increase from the same period last year.
The U.S. market led the way, with 970,066 vehicles exported, up 18.7% from 810,753 units a year earlier. This means more than half of all South Korean cars exported globally (52.2%) went to the U.S. Canada saw a 5.7% rise in imports from South Korea, totaling 155,340 vehicles, while exports to Mexico dropped 21.7% to 14,667 units.
In contrast, exports to other regions fell. Shipments to Africa recorded the largest drop, plunging 44.7% year-over-year. Other notable declines include Asia (-23.5%), the European Union (-26.1%), non-EU Europe (-14.4%), Latin America (-11.6%), the Middle East (-9.2%), and Oceania (-5.2%).
In terms of value, South Korean auto exports to the U.S. jumped 21.7% in the first eight months of 2024, reaching $23.9 billion. Despite this growth, North American exports accounted for only one-third of South Korea’s total vehicle export value, which reached $70.9 billion over the same period.
