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South Korea Auto Exports Plunge 21% in Feb, Hybrids Shine Amid Holiday Slump

South Korea's automobile exports declined by 20.8% in February, primarily attributed to fewer working days during the Lunar New Year holiday. While overall exports dropped, hybrid car shipments saw a significant 23.5% increase, reaching $1.21 billion. Exports to the United States and European Union fell sharply, but shipments to Latin America surged by 21.7%. Domestically, vehicle sales also decreased by 7.2% last month.

Key Points: S. Korea Auto Exports Drop 21% in February | Hybrid Car Surge

  • Auto exports fell 20.8% year-on-year
  • Hybrid car exports surged 23.5%
  • EV and hydrogen car exports declined 8.2%
  • Shipments to Latin America jumped 21.7%
2 min read

S. Korean auto exports down over 20 pc in Feb

South Korea's auto exports fell 20.8% in February due to fewer working days, though hybrid car shipments jumped 23.5%. Get the latest trade data.

"February's performance was due to a drop in the number of working days for the month amid the Lunar New Year holiday - Ministry of Trade, Industry and Resources"

Seoul, March 18

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.

- IANS

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Reader Comments

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Priya S
As someone who drives a Hyundai in Bangalore, this is a bit worrying. If their exports slow down, will it affect their investment and new model launches here in India? The Indian auto market is so competitive right now. Hope they stay strong! 🚗
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Aman W
The stock market reaction is fascinating. Shares up sharply despite the export drop. Investors are clearly looking past the monthly blip and focusing on the long-term, especially the record eco-friendly vehicle exports. Smart money knows the future is green.
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Sarah B
The shift in destinations is key. Exports down to US & EU, but way up in Latin America. Maybe Indian carmakers like Tata and Mahindra can learn from this and also focus more on emerging markets where demand might be growing faster.
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Vikram M
Respectfully, while the Lunar New Year explanation makes sense, a 20% drop is still significant. It shows how vulnerable global supply chains and exports are to local holidays and disruptions. Indian manufacturers need to diversify their market calendars too. Just an observation.
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Kavya N
Hybrids up 23.5%! This is the sweet spot for many buyers, including in India. Not ready for full EV range anxiety, but want better fuel efficiency. Korean companies are smart to push hybrids hard. Hope to see more affordable hybrid options here soon. 👍

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