Car exports down over 20% in February amid decline in working days: data

Cars ready to be shipped overseas are parked at a port in Pyeongtaek, Gyeonggi Province, Feb. 25. Yonhap

Korea's auto exports fell 20.8 percent from a year earlier in February due to a decline in the number of working days for the month, government data showed Wednesday.

The combined value of automobile exports came to $4.8 billion last month, according to the data from the Ministry of Trade, Industry and Resources.

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.