South Korea's auto exports fall
Seoul: South Korea's automobile exports posted a double-digit fall last month due to less business days arising from the Lunar New Year's holiday and weak demand for locally-made cars, a government report showed Monday.
Exports by the country's five automakers tumbled 21.9 percent from a year earlier to 234,161 vehicles in February after rising 17.1 percent in the prior month, according to the Ministry of Knowledge Economy.
The double-digit fall came after the February working days decreased by four days compared with the same month last year. The Lunar New Year's holiday moved to February this year from January last year, reported Xinhua.
For the first two months of this year, car exports declined 5.1 percent from the same period last year, indicating weak demand for locally-made cars also contributed to the export fall.
Domestic car sales decreased 10.3 percent in February from a year before. Auto sales by homegrown carmakers, including Hyundai Motor and its affiliate Kia Motors, tumbled 12.4 percent, while imported car sales jumped 14.8 percent.
Amid the weak exports and domestic demand, auto production in the country plunged 19.8 percent from a year before to 338,278 units in February.