South Korea Auto Exports Drop 20.8% in February Amid Fewer Working Days
Export Decline Linked to Lunar New Year Slowdown
Seoul, March 18: South Korea’s automobile exports declined sharply by 20.8 percent year-on-year in February, primarily due to a reduced number of working days during the Lunar New Year holiday, according to data released by the Ministry of Trade, Industry and Resources on Wednesday.The total value of vehicle exports stood at $4.8 billion for the month, reflecting the impact of holiday-related production and shipment disruptions.
Mixed Performance Across Vehicle Segments
Despite the overall decline, hybrid vehicle exports recorded strong growth. Shipments of hybrid cars surged 23.5 percent year-on-year to $1.21 billion.In contrast, exports of electric vehicles and hydrogen-powered cars fell 8.2 percent to $670 million during the same period.
However, the ministry highlighted that cumulative exports of eco-friendly vehicles, including electric, hydrogen-powered, and hybrid models, reached a record $4.5 billion for the first two months of the year.
Regional Export Trends Show Divergence
Export performance varied across key global markets. Shipments to the United States dropped 29.4 percent compared to a year earlier, while exports to the European Union declined by 20 percent.On the other hand, exports to Latin America showed resilience, rising 21.7 percent year-on-year, according to the data.
Domestic Auto Sales Also Decline
Within South Korea, domestic automobile sales also experienced a downturn. A total of 123,275 vehicles were sold in February, marking a 7.2 percent decrease compared to the same month last year.South Korean Stocks Rally on Tech Gains
Separately, South Korean equity markets moved significantly higher on Wednesday morning, supported by strong gains in major technology stocks.The benchmark Korea Composite Stock Price Index (KOSPI) surged 204.27 points, or 3.62 percent, to reach 5,844.75 as of 11:20 a.m.
Among key movers, Hyundai Motor rose 2.97 percent, while Kia advanced 3.71 percent. Hyundai Mobis, an auto parts affiliate of Hyundai Motor, gained 3.64 percent.
Other notable performers included SK Square, which jumped 6.13 percent, and Doosan Enerbility, which climbed 2.78 percent.
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