South Korean auto exports down over 20 pc in Feb
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.
