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South Korean auto exports down over 20% in February
South Korean auto exports down over 20% in February
South Korea's auto exports fell 20.8 per cent from a year earlier in February due to a decline in the number of working days for the month, government data showed on Wednesday.
Seoul: South Korea's auto exports fell 20.8 per cent from a year earlier in February due to a decline in the number of working days for the month, government data showed on Wednesday.
The combined value of automobile exports came to US$4.8 billion last month, according to the data from the Ministry of Trade, Industry and Resources, reports Yonhap news agency.
February's performance was due to a drop in the number of working days for the month amid the Lunar New Year holiday, the ministry said.
The value of hybrid cars shipped overseas surged 23.5 percent to $1.21 billion. The combined exports of electric vehicles (EV) and hydrogen-powered cars fell 8.2 percent to $670 million.
The ministry noted that the combined exports of eco-friendly vehicles, including EVs, hydrogen-fueled cars and hybrid vehicles, for the first two months of the year was the highest on record at $4.5 billion.
By destination, exports to the United States fell 29.4 percent on-year, and shipments to the European Union retreated 20 percent.
In contrast, shipments to Latin America surged 21.7 percent from the same period a year earlier, the data showed.
Domestically, 123,275 vehicles were sold last month, down 7.2 percent from a year earlier.
Meanwhile, South Korean shares traded more than 3.5 per cent higher late on Wednesday morning, driven by sharp gains in blue-chip tech shares, including Samsung Electronics and SK hynix.
The benchmark Korea Composite Stock Price Index (KOSPI) had jumped 204.27 points, or 3.62 percent, to 5,844.75 as of 11:20 a.m.
Auto giant Hyundai Motor climbed 2.97 percent, and its sister Kia advanced 3.71 percent. Hyundai Motor's auto parts-making affiliate, Hyundai Mobis, increased 3.64 percent.
AI investment firm SK Square shot up 6.13 percent, while power plant manufacturer Doosan Enerbility expanded 2.78 percent.
Source: ZeeNews
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