Data released today, Sunday, by the South Korean government showed that the country's exports are expected to reach 37 billion dollars in the first half of this year.

The South Korean news agency Yonhap reported that estimates indicate that car exports increased by 3.8% year-on-year during the period from January to June, reaching 37.01 billion dollars, the highest figure for the first half of any year, according to preliminary data released by the Ministry of Industry and the Korea International Trade Association.

The previous record was 35.65 billion dollars last year, supported by an annual growth rate of 54.46% as of 2022. Since 2021, car exports have experienced positive year-on-year growth for four consecutive years during the first half.

By region, car exports to the United States during the first six months of this year rose by 29.8% to reach 18.45 billion dollars. On the other hand, car exports to the European Union decreased by 30%, while exports to the Middle East and Central and South America fell by 18.7% and 8.3% respectively.

Hybrid car and internal combustion engine car exports increased by 19.5% and 7.2% respectively, while electric car exports decreased by 17.5% during the same period.