S. Korea's Auto Export Falls In February

Faizan Hashmi Published March 19, 2024 | 01:10 PM

SEOUL, (APP - UrduPoint / Pakistan Point News - 19th Mar, 2024) South Korea's automotive export marked the first fall in 20 months in February due to less business days, government data showed Tuesday.

car shipment slipped 7.8 percent from a year earlier to 5.16 billion U.S. Dollars in February, according to the Ministry of Trade, Industry and Energy.

The number of exported vehicles was 198,653 in February, down 11.0 percent from a year earlier.

The reduction was attributed to less working days, caused by the Lunar New Year's holidays.

Export for eco-friendly cars declined 15.3 percent to 1.71 billion dollars last month, logging the first decrease in 15 months.

Car export to North America added in single digits, but auto shipment to the European Union, the middle East and Latin America retreated in double figures.

Auto parts shipment shrank 1.6 percent to 1.98 billion dollars in February compared to the same month of last year.

The number of vehicles manufactured in local factories dwindled 13.6 percent to 300,459 last month.