Seoul: South Korea's car exports surged 17.8 percent year-on-year in February, reaching a new record for any February, driven by robust demand for hybrid vehicles, as revealed by recent data.
According to Yonhap News Agency, the total value of vehicle shipments hit US$6.07 billion last month, marking the first time February exports have surpassed the $6 billion threshold. The number of vehicles exported rose 17.3 percent to 233,000 units, while production increased 17.1 percent to 352,000 units.
The Ministry of Trade, Industry and Energy attributed the strong performance to heightened demand for hybrid cars, coupled with increased demand from regions such as Asia, the European Union (EU), and the Middle East. Specifically, hybrid car exports skyrocketed 61.7 percent year-on-year to 39,489 units, valued at $980 million in February. However, electric vehicle (EV) shipments saw a slight dip of 2 percent, totaling 23,151 units.
Regionally, exports to Asian markets soared 42.3 percent to $641 million, and shipments to the Middle East rose 38.2 percent to $480 million. Exports to the EU increased by 22.6 percent, reaching $806 million, while shipments to the United States climbed 14.8 percent to $3.18 billion.
Domestic automobile sales also saw a boost, advancing 14.8 percent to 133,000 units in February, largely driven by a near quadrupling of EV sales following the government's finalization of its EV subsidy plan for the year. The ministry emphasized its commitment to sustaining this growth momentum by developing a response strategy to address uncertainties in the global trade market, particularly in light of potential U.S. auto tariffs.