Monthly auto exports reach 6.1 billion U.S. dollars in February, up 17.8% y/y

Findings for the month of February show Korean automakers noted substantial annual growth in factory output sales at home and shipments overseas.

Our Moon Ji-young covers the latest data.

The South Korean auto industry remained strong in February, showing double-digit growth in production, exports and domestic sales compared to the same month last year.

That's according to the latest automotive trends report released by the Ministry of Trade, Industry and Energy on Tuesday, which showed the country's auto exports surpassed the 6 billion U.S. dollar mark for the first time for any February --rising by 17-point-8 percent year-on-year.

By export volume, the number of car shipments came to 233 thousand.

The export growth in February is attributed to a base effect resulting from an increase in the number of working days, as February 2024 had fewer working days due to the Lunar New Year holiday falling in that month.

Despite difficulties in the EV market, eco-friendly car exports experienced a year-on-year increase of 32 percent.

While EV exports dipped by 2 percent, hybrid car exports surged by a remarkable 61.7 percent.

In terms of domestic production, South Korean carmakers produced 17.1 percent more vehicles, breaking the 350,000 mark for the first time since February 2014.

Regarding domestic sales, 14.8 percent more vehicles were sold compared to the same period last year, totaling 133,000.

Notably, EV sales increased by a whopping 298 percent year-on-year.

The Ministry of Industry attributed this increase to a tax credit that has reduced the individual consumption tax on cars by 30 percent in the first half of the year, as well as the early implementation of EV subsidies announced in mid-January.

With the new Trump administration proposing tariffs on automobiles starting next month, Seoul is taking steps to mitigate the impacts of these levies on the South Korean auto industry.

The trade ministry announced it would form a dedicated task force to closely monitor the situation and gather opinions from domestic auto firms, and would soon prepare a more detailed response plan.

Moon Ji-young, Arirang News.