Tuesday, July 16, 2024
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Korea is Expected to Export a Record $37 Billion Worth of H1 Cars.

Industry data released on Sunday indicated that Republic of Korea’s car exports are expected to have hit a record $37 billion for the first half of the year, Yonhap News Agency reported.
Preliminary data from the industry ministry and the Korea International Trade Association indicates that automobile exports increased 3.8% year over year from January to June to reach $37.01 billion, the highest amount for the first half of any year.

The previous record, set at $35.65 billion in 2022, was increased by 46.5% year over year. Car exports have increased positively year over year for four years running in the first half of 2021–2022.

According to Yonhap News Agency, which cited central bank data on Friday, the Republic of Korea recorded its biggest current account surplus in 32 months in May thanks to a sharp increase in the trade surplus and higher dividend income.

After a $290 million deficit in April, the nation’s current account surplus reached $8.92 billion in May. This is the highest surplus since September 2021, when it was $9.51 billion

After posting a $5.11 billion surplus in April, the nation’s goods account recorded a $8.75 billion surplus in May. In May, exports increased 11.1% year over year to $58.95 billion, while imports decreased 1.9% to $50.20 billion.

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