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Korea's car exports advanced nearly 25 percent in January, driven by solid demand for electric vehicles and other eco-friendly cars, data showed Wednesday.
Chinese carmakers are expected to export 5 million vehicles in 2024, with much of the demand coming from markets such as Southeast Asia and firmly establishing China as the world’s No 1 exporter, the Swiss bank says.
The average unit price of Korean car exports is expected to hit an all-time high in 2023 thanks to stellar overseas demand for sport utility vehicles (SUVs) and electric vehicles (EVs), industry data showed Monday.
China’s export market was driven by its strong demand for electric vehicles, which accounted for 40 percent of all its exports. China shipped 380,000 EVs to various countries in Q1 2023, with Belgium, Australia and Thailand being the top-3 destinations.
More semiconductors are being supplied to the global auto industry, following a decline in demand for chips from the electronics sector, while car exports from Thailand reached their highest level so far this year in September, according to the Federation of Thai Industries (FTI).
South Korea's automotive export, domestic sale and production posted a double-digit growth in February for two straight months, a government report showed Monday.