News

Hyundai announces US$ 21 bil. investment plan in U.S. as executive chair meets Trump

2025/03/25 20:00

Thank you for joining us. I'm Yoon Jung-min. Hyundai Motor has pledged an investment of 21-billion dollars in the U.S. over the next four years. This comes ahead of America's new tariffs that are set to go into effect next week. Lee Seung-jae has the details. Hyundai Motor Group Executive Chairman Chung Eui-sun met with U.S. President Donald Trump at the White House on Monday. There, Chung announced that South Korea's largest automaker will be investing 21 billion U.S. dollars in the United States through 2028. "Hyundai Motors entered the U.S. in 1986. Since then, we have invested over 20 billion dollars and now support more than 570,000 American jobs across all 50 nation states. Today, I'm pleased to announce an additional 21 billion dollars in a new investment over the next four years. Our largest U.S. invest ever." The investment includes 8-point-6 billion dollars for the automotive sector, 6-point-1 billion dollars for the steel industry, components parts and logistics and 6-point-3 billion dollars for future industry sectors and energy. Chung also announced that the company will open a new 8 billion dollar automotive plant in Georgia later this week,.. that will allow its U.S. car production to exceed 1 million units per year. According to the U.S. president, the 21 billion dollar investment will give Hyundai Motor Group a pass from his tariff policies. "Hyundai will be producing steel in America and making its cars in America. And as a result, they'll not have to pay any tariffs. You know, there are no tariffs if you make your product in America." Trump also said on Monday that his administration will announce tariffs on automobiles "over the next few days." His remarks have raised speculation that new tariffs on cars could come before he announces his reciprocal tariffs on April 2nd. Trump also emphasized that Hyundai's massive investment is "clear" evidence that his tariff policy is effective. Lee Seung-jae, Arirang News.

Hyundai announces US$ 21 bil. investment plan in U.S. as executive chair meets Trump

2025/03/25 17:00

Hyundai Motor has pledged an investment of 21 billion U.S. dollars in the U.S. including a 6 billion dollar steel plant in Louisiana. The pledge was made on Monday at the White House with U.S. President Donald Trump linking it to his tariff campaign. Lee Seung-jae has details. Hyundai Motor Group Executive Chairman Chung Eui-sun met with U.S. President Donald Trump at the White House on Monday. There, Chung announced that South Korea's largest automaker will be investing 21 billion U.S. dollars in the United States through 2028. "Hyundai Motors entered the U.S. in 1986. Since then, we have invested over 20 billion dollars and now support more than 570,000 American jobs across all 50 nation states. Today, I'm pleased to announce an additional 21 billion dollars in a new investment over the next four years. Our largest U.S. invest ever." The investment includes 8-point-6 billion dollars for the automotive sector, 6-point-1 billion dollars for the steel industry, components parts and logistics and 6-point-3 billion dollars for future industry sectors and energy. Chung also announced that the company will open a new 8 billion dollar automotive plant in Georgia later this week,.. that will allow its U.S. car production to exceed 1 million units per year. According to the U.S. president, the 21 billion dollar investment will give Hyundai Motor Group a pass from his tariff policies. "Hyundai will be producing steel in America and making its cars in America. And as a result, they'll not have to pay any tariffs. You know, there are no tariffs if you make your product in America." Trump also said on Monday that his administration will announce tariffs on automobiles "over the next few days." His remarks have raised speculation that new tariffs on cars could come before he announces his reciprocal tariffs on April 2nd. Trump also emphasized that Hyundai's massive investment is "clear" evidence that his tariff policy is effective. Lee Seung-jae, Arirang News.

Consumer sentiment falls in March amid concerns over weak domestic demand, sluggish export growth

2025/03/25 17:00

Consumer sentiment fell for the first time in three months this March amid sluggish spending and slowing exports. According to the Bank of Korea on this Tuesday the Composite Consumer Sentiment Index dropped 1-point-8 points on month to 93-point-4 this month. The index retreated to a 2-year low last December following the country's short-lived martial law before rebounding in January and February. A reading below 100 means consumers are more pessimistic than optimistic about the economy.

Hyundai announces US$ 21 bil. investment plan in U.S. as executive chair meets Trump

2025/03/25 10:00

South Korean automaker Hyundai Motor Group says it'll invest a whopping 21 billion dollars into the U.S. through 2028, as part of its strategies and efforts to avoid being hit by Trump's tariffs. Lee Seung-jae has our top story. Hyundai Motor Group Executive Chairman Chung Eui-sun met with U.S. President Donald Trump at the White House on Monday. There, Chung announced that South Korea's largest automaker will be investing 21 billion U.S. dollars in the United States through 2028. "Hyundai Motors entered the U.S. in 1986. Since then, we have invested over 20 billion dollars and now support more than 570,000 American jobs across all 50 nation states. Today, I'm pleased to announce an additional 21 billion dollars in a new investment over the next four years. Our largest U.S. invest ever." The investment includes 8-point-6 billion dollars for the automotive sector, 6-point-1 billion dollars for the steel industry, components parts and logistics and 6-point-3 billion dollars for future industry sectors and energy. Chung also announced that the company will open a new 8 billion dollar automotive plant in Georgia later this week,.. that will allow its U.S. car production to exceed 1 million units per year. According to the U.S. president, the 21 billion dollar investment will give Hyundai Motor Group a pass from his tariff policies. “Hyundai will be producing steel in America and making its cars in America. And as a result, they'll not have to pay any tariffs. You know, there are no tariffs if you make your product in America.” Trump also said on Monday that his administration will announce tariffs on automobiles "over the next few days." His remarks have raised speculation that new tariffs on cars could come before he announces his reciprocal tariffs on April 2nd. Trump also emphasized that Hyundai's massive investment is "clear" evidence that his tariff policy is effective. Lee Seung-jae, Arirang News.

Hyundai, Kia set to surpass 30 million cumulative sales in the U.S. 39 years after entering market

2025/03/24 17:00

Hyundai Motor and Kia Motors are set to hit a new milestone in the U.S. market this year with total car sales soaring past 30 million since entering the American market in 1986. According to the two automakers their combined sales as of February stands at 29-point-3 million cars over the past 39 years. Last year a total of one-point-seven million Hyundai and Kia cars were sold in the U.S. Company officials plan to further expand their presence in the American market by focusing on sports utility vehicles and eco-friendly vehicles.

STOCK

2025/03/21 20:00

2025. 3. 21. KOREAN STOCK MARKET KOSPI : 2,643.13 ▲6.03 +0.23% KOSDAQ : 719.41 ▼5.74 -0.79% KOSPI200 : 355.18 ▲1.68 +0.48% ASIAN STOCK MARKET NIKKEI225 : 37,677.06 ▼74.82 -0.20% HANG SENG : 23,689.72 ▼530.23 -2.19% SHANGHAI : 3,364.83 ▼44.12 -1.29% WALL STREET (MARCH 20) DOW JONES : 41,953.32 ▼11.31 -0.03% NASDAQ : 17,691.63 ▼59.16 -0.33% S&P500 : 5,662.89 ▼12.4 -0.22% EXCHANGE RATE USD : 1,462.70 (+3.80) JPY : 978.23 (-6.22) CNY : 201.63 (+0.07) EUR : 1,584.18 (-5.22)

U.S. to increase egg imports from S. Korea to address egg shortages

2025/03/21 17:00

South Korea is expanding its exports of eggs to the U.S. following its first-ever shipment earlier this month. The U.S. is fighting a severe shortage of eggs caused by bird flu and has been reaching out to international suppliers in countries such as Türkiye and Brazil for egg imports. Egg prices in the U.S. reportedly soared almost 60 percent on year in February despite pledges by the Trump administration to ease costs. What's more restaurants in the U.S. are placing surcharges for dishes that contain eggs fanning greater inflation concerns.

S. Korea's March exports rise led by semiconductors and ships

2025/03/21 17:00

Exports expanded during the first 20 days of March to post 35.5 billion U.S. dollars. According to the Korea Customs Service the latest amount is a surge of 4.5 percent on year and comes in light of strong shipments of ships and semiconductors and greater exports to markets in the U.S., EU and Vietnam. Meanwhile also on this Friday the Trade Ministry hosted talks on export trends and pledged prompt action to address the broader ripple effects of U.S. tariffs on steel and aluminium imports into its market.

[Econ & Biz] Political instability and Trump's protectionist tariff policies: S. Korea's economic growth under threat?

2025/03/20 20:00

The deliberation process at the Constitutional Court takes longer than expected as to the political fate of President Yoon Suk Yeol as it extends into next week. Today, we take a look at its ramifications on the economy. Our economics correspondent Moon Hye-ryeon joins us in the studio. Hye-ryeon, to start off, does the current situation affect South Korea's economic growth projections for the year ahead? As we prepare to wrap up the first quarter of the year, major institutions have come out with economic growth projections for 2025 – and thus far, the outlook looks gloomy. Both the Bank of Korea and the state-run Korea Development Institute have revised their economic growth forecasts downward from their previous projections last November, citing weak domestic demand fueled by political uncertainty. Domestic demand refers to the ​total ​amount ​spent on ​goods and ​services by ​people, ​companies, and the ​government – and low domestic demand can hinder economic growth. In short, everyone is tightening their purse strings, and this was reflected in recent data on consumer sentiment and consumer spending. Consumer sentiment, as measured by the central bank, saw its steepest drop since the COVID-19 pandemic in December with the martial law declaration and subsequent trials. Months down the line, it has yet to recover. So what groups in particular are being hit hard by low domestic demand? Despite the national Seollal holiday in January, which typically boosts spending, consumer spending declined. Rising costs of raw materials and ingredients have only exacerbated the situation, hitting small business owners – particularly restaurants – the hardest. "If political instability drags on, it's hard to predict an economic recovery in the future. So when consumers feel uncertain, they tend to cut back on spending – one of the first things they cut is dining out." This small restaurant, once packed at lunchtime, now sits idle. The owner says sales have plunged since December. "Since December, most reservations have been canceled. At first, sales dropped to about a third of previous levels, but recently, they've plunged to nearly half or even two-thirds." And this is just one of many – according to Statistics Korea, the number of small business owners in the country fell for the first time in January since 2021, alongside a big drop in production in the dining industry. But political instability isn't the only thing placing downward pressure on the country's economy. Tell us how this interplays with other factors. That's right, Jung-min, another big hurdle is the new Trump administration's trade policies. Tariffs levied at a rate of 25 percent now apply to steel and aluminum exports from South Korea to the U.S., and uncertainties surrounding more tariffs to come in April linger. Economists warn that continued political instability can "push back" important economic decisions to be made – not just regarding domestic demand, but also in response to the new Trump administration's protectionist policies which could further strain South Korea's economy. "The uncertainty in the economy will be significantly amplified, and as a result, economic decisions will be pushed back, likely having a considerably negative impact." The government introduced support measures for small business owners and self-employed individuals in December last year, but announced additional measures such as expanding the issuance and usage of Onnuri gift certificates used for purchases at traditional markets last week as challenges persist. As for trade policies, Seoul is pushing for high-level negotiations with Washington, and holding talks with firms to gather industry opinions. However, experts say that a more proactive approach is needed as domestic and international uncertainties converge. "We need to take a more proactive approach if there are U.S. goods or services we plan to purchase, we should buy them in advance, and companies with investment plans should consider moving them up. This could help mitigate the effects of the Trump administration's trade policies. Right now, our economy is facing even greater challenges than in the past, partly due to a lack of strong fiscal policy." Alright, thank you for your report, Hye-ryeon. Thank you for having me.

BOK warns of uncertainties as gov't urges vigilance following Fed's rate freeze

2025/03/20 20:00

The Bank of Korea says the U.S. Fed's rate freeze stands in line with widespread expectations and has warned of mounting risk factors amid geopolitical and trade tensions. Separately, acting President Choi Sang-mok has reiterated calls on economic and financial authorities to maintain close monitoring of markets here and of U.S. trade-related decisions. He also echoed concerns by the central bank about growing external uncertainty over global trade and geopolitical stability given the fresh fighting in the Middle East and continued conflict in Ukraine.

U.S. Fed keeps interest rate steady as Trump's policies incite uncertainty

2025/03/20 20:00

The U.S. Federal Reserve is holding its key rate steady for the second session in a row amid concerns over slower growth and higher inflation as the U.S. adapts to tougher Trump tariffs. Lee Soo-jin reports. The U.S. Federal Reserve has decided to once again keep its benchmark interest rate unchanged, but signaled potential rate cuts in future meetings. In its second monetary policy meeting of the year on Wednesday, the central bank kept its key borrowing rate steady at its current range of 4-point-2-5 percent to 4-point-5 percent. The Federal Open Market Committee has put a pause in its rate cutting cycle since December last year, after carrying out three consecutive reductions. The decision comes as Federal Reserve officials lowered their outlook for economic growth for this year to 1-point-7 percent from 2-point-1 percent in their December projection. " uncertainty today is unusually elevated. As the economy evolves, we will adjust our policy stance in a manner that best promotes our maximum employment and price stability goals." The Fed's goals of maintaining maximum employment and low inflation are often referred to as its "dual mandate." Powell said that the uncertainty comes from the changes that policies, particularly trade,.. but also immigration, fiscal policy and regulation, will bring to the economy. The rate-setting committee, which releases a summary of economic projections after its March, June, September, and December meetings, projected slightly higher unemployment of 4-point-4 percent from 4-point-3 percent by the end of the year. Inflation was also forecast to rise, as personal consumption expenditure, a measure of consumer spending, and core inflation, which excludes energy and food prices, were both revised upward. Powell acknowledged that tariffs have already contributed to the rise in inflation. The Trump administration imposed 25% tariffs on steel and aluminum imports last Wednesday, triggering retaliatory tariffs from Canada and the EU, with reciprocal U.S. tariffs set for April 2nd. But with officials expecting the Fed to implement a total of half a percentage point in rate cuts in 2025, two reductions are likely this year as rate cuts are typically in quarter-point increments. This latest decision keeps the interest rate gap between South Korea and the U.S. at 1-point-75 percentage points, with the Bank of Korea slashing its key interest rate to 2-point-7-5 percent in its last meeting in February. All three major U.S. stock indexes, the Dow Jones, S&P 500, and the Nasdaq, showed an upward trajectory following the Fed's decision. Lee Soo-jin, Arirang News.

BOK warns of uncertainties as gov't urges vigilance following Fed's rate freeze

2025/03/20 17:00

The Bank of Korea says the U.S. Federal Reserve's rate freeze stands in line with widespread expectations and has warned of mounting risk factors amid geopolitical and trade tensions. Separately acting President Choi Sang-mok has reiterated calls on economic and financial authorities to maintain close monitoring of markets here and of U.S. trade-related decisions. He also echoed concerns by the central bank about growing external uncertainty over global trade and geopolitical stability given the fresh fighting in the Middle East and continued conflict in Ukraine.

U.S. Fed keeps interest rate steady as Trump's policies incite uncertainty

2025/03/20 17:00

As anticipated the U.S. Federal Reserve is holding its key rate steady for the second session in a row amid concerns over slower growth and higher inflation as the U.S. adapts to tougher Trump tariffs on American trade partners. Lee Soo-jin reports. The U.S. Federal Reserve has decided to once again keep its benchmark interest rate unchanged, but signaled potential rate cuts in future meetings. In its second monetary policy meeting of the year on Wednesday, the central bank kept its key borrowing rate steady at its current range of 4-point-2-5 percent to 4-point-5 percent. The Federal Open Market Committee has put a pause in its rate cutting cycle since December last year, after carrying out three consecutive reductions. The decision comes as Federal Reserve officials lowered their outlook for economic growth for this year to 1-point-7 percent from 2-point-1 percent in their December projection. " uncertainty today is unusually elevated. As the economy evolves, we will adjust our policy stance in a manner that best promotes our maximum employment and price stability goals." The Fed's goals of maintaining maximum employment and low inflation are often referred to as its "dual mandate." Powell said that the uncertainty comes from the changes that policies, particularly trade,.. but also immigration, fiscal policy and regulation, will bring to the economy. The rate-setting committee, which releases a summary of economic projections after its March, June, September, and December meetings, projected slightly higher unemployment of 4-point-4 percent from 4-point-3 percent by the end of the year. Inflation was also forecast to rise, as personal consumption expenditure, a measure of consumer spending, and core inflation, which excludes energy and food prices, were both revised upward. Powell acknowledged that tariffs have already contributed to the rise in inflation. The Trump administration imposed 25% tariffs on steel and aluminum imports last Wednesday, triggering retaliatory tariffs from Canada and the EU, with reciprocal U.S. tariffs set for April 2nd. But with officials expecting the Fed to implement a total of half a percentage point in rate cuts in 2025, two reductions are likely this year as rate cuts are typically in quarter-point increments. This latest decision keeps the interest rate gap between South Korea and the U.S. at 1-point-75 percentage points, with the Bank of Korea slashing its key interest rate to 2-point-7-5 percent in its last meeting in February. All three major U.S. stock indexes, the Dow Jones, S&P 500, and the Nasdaq, showed an upward trajectory following the Fed's decision. Lee Soo-jin, Arirang News.

U.S. Fed keeps interest rate steady as Trump's policies incite uncertainty

2025/03/20 10:00

In line with widespread market expectations, the U.S. Federal Reserve has kept its lending rate steady while acknowledging uncertainties stemming from Trump's tariff policies. Our Lee Soo-jin reports. The U.S. Federal Reserve has decided to once again keep its benchmark interest rate unchanged, but signaled potential rate cuts in future meetings. In its second monetary policy meeting of the year on Wednesday, the central bank kept its key borrowing rate steady at its current range of 4-point-2-5 percent to 4-point-5 percent. The Federal Open Market Committee has put a pause in its rate cutting cycle since December last year, after carrying out three consecutive reductions. The decision comes as Federal Reserve officials lowered their outlook for economic growth for this year to 1-point-7 percent from 2-point-1 percent in their December projection. "uncertainty today is unusually elevated. As the economy evolves, we will adjust our policy stance in a manner that best promotes our maximum employment and price stability goals." The Fed's goals of maintaining maximum employment and low inflation are often referred to as its "dual mandate." Powell said that the uncertainty comes from the changes that policies, particularly trade,.. but also immigration, fiscal policy and regulation, will bring to the economy. The rate-setting committee, which releases a summary of economic projections after its March, June, September, and December meetings, projected slightly higher unemployment of 4-point-4 percent from 4-point-3 percent by the end of the year. Inflation was also forecast to rise, as personal consumption expenditure, a measure of consumer spending, and core inflation, which excludes energy and food prices, were both revised upward. Powell acknowledged that tariffs have already contributed to the rise in inflation. The Trump administration imposed 25% tariffs on steel and aluminum imports last Wednesday, triggering retaliatory tariffs from Canada and the EU, with reciprocal U.S. tariffs set for April 2nd. But with officials expecting the Fed to implement a total of half a percentage point in rate cuts in 2025, two reductions are likely this year as rate cuts are typically in quarter-point increments. This latest decision keeps the interest rate gap between South Korea and the U.S. at 1-point-75 percentage points, with the Bank of Korea slashing its key interest rate to 2-point-7-5 percent in its last meeting in February. All three major U.S. stock indexes, the Dow Jones, S&P 500, and the Nasdaq, showed an upward trajectory following the Fed's decision. Lee Soo-jin, Arirang News.

Total national debt of S. Korea surpasses 6,200 trillion won

2025/03/20 10:00

South Korea's total national debt has surpassed 6-thousand-2-hundred trillion won, approximately 4-point-7-6 trillion U.S. dollars. On Thursday, the Bank for International Settlements reported that, in Korean won terms, the country's total debt at the end of the third quarter of 2024 had increased by over 4 percent compared to the same period the previous year. Corporate debt is the largest type of debt, followed by household debt and then government debt. Although government debt is the smallest, it saw the highest growth rate, surging by approximately 11 percent. South Korea's total debt surpassed 6-thousand trillion won for the first time at the end of the fourth quarter of 2023.

Fitch lowers U.S. growth forecast for this year from 2.1% to 1.7%

2025/03/19 17:00

Global credit rating agency Fitch has lowered its growth outlook for the U.S. this year. In its latest projection made public on Tuesday the agency forecast the U.S. economy would expand one-point-seven percent down from its earlier estimate of two-point-one percent. It also lowered its outlook for next year to one-point-five percent. Analysts at the agency are linking their revisions to higher risks of a global trade war owing to the Trump administration's tariff campaign which they add will increase inflation in the U.S.

Trump's top economic aide mentions trade deficit with S. Korea

2025/03/19 17:00

And in related news. Yet another U.S. economic policymaker has underscored the presence of alleged trade imbalances between South Korea and the U.S. Shin Ha-young reports. With about two weeks until the announcement of reciprocal tariff plans, a top economic aide to U.S. President Donald Trump mentioned South Korea as a major "trade deficit" country. U.S. National Economic Council Director Kevin Hassett told CNBC on Monday that trade deficits with Europe, China and South Korea have persisted for years, claiming the deficits are attributable to the countries' high tariffs and non-tariff trade barriers. He added that if U.S. trading partners immediately lower all barriers, the negotiations will be over. Since South Korea and the U.S. have a Free Trade Agreement that removes tariffs on most items, Hassett's statement is raising expectations of increased pressure on South Korea to lower non-tariff trade barriers. "The Trump administration is focused on fixing trade imbalances and seems to be taking a one-on-one approach with countries that have large trade deficits. For South Korea, this could mean either imposing tariffs to reduce imports or negotiating to lower barriers so South Korea can import more from the U.S." The expert from the Korea Institute for International Economic Policy emphasized the need for South Korea to review its contributions to the U.S. and assess potential U.S. demands on non-tariff trade barriers. "We need to review our contributions to the U.S. and potential demands from the U.S. on non-tariff trade barriers. However, with many uncertainties, it's too early for negotiations." Meanwhile, during the interview with CNBC, Hassett said there will be "some uncertainty" between "now and April 2nd," referring to the date Trump is set to unveil his reciprocal tariff plans. His comments come as market analysts and business leaders have criticized the sweeping tariff announcements, which have led to volatility in world markets. However, Hassett defended Trump's tariffs against Mexico, Canada and China, calling them "very positive developments" adding things will clear up after April 2nd. Shin Ha-young, Arirang News.

Fitch lowers U.S. growth forecast for this year from 2.1% to 1.7%

2025/03/19 10:00

International credit rating agency Fitch has revised down its growth outlook for the United States due to the risk of a global trade war. In its economic outlook report released on Tuesday, it revised down its growth forecast from two-point-one percent to one-point-seven percent. It also lowered its outlook for 2026, from one-point-seven percent to one-point-five percent. The agency explained a potential global trade war due to the tariff policies of the current U.S. administration is expected to slow U.S. and global growth, while increasing inflation in the United States. It also revised down the 2025 global economic growth forecast from two-point-six percent to two-point-three percent.

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

2025/03/18 20:00

On the trade front. Findings for the month of February show Korean automakers noted substantial growth in 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.

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

2025/03/18 17:00

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.