SEOUL, South Korea's car exports fell 7.8 percent on-year in February on the dwindling demand for eco-friendly cars, data showed Tuesday. The combined value of car exports reached US$5.16 billion last month, down from $5.59 billion from a year earlier, according to the Ministry of Trade, Industry and Energy. It marked the lowest level since January 2023, when exports stood at $4.98 billion. In terms of volume, car exports slid 11 percent to 198,653 units last month. The decline came as the export value of eco-friendly cars dropped 15.3 percent on-year to $1.71 billion in February, representing the lowest figure in 15 months. A total of 53,369 units of eco-friendly vehicles were sold overseas last month, logging a 13.8 percent on-year decrease. By type, sales of electric vehicles (EVs) lost 20.7 percent to 24,318 units, and those of hybrid models inched down 2.2 percent to 24,722 units. Exports of automotive parts also fell 1.6 percent to $1.98 billion. North America was the No. 1 export destination f or South Korean cars last month, with sales going up 1 percent to $2.77 billion. Shipments to the European Union, however, lost 18.8 percent to $657 million, while those to non-EU European nations fell 6.7 percent to $456 million. Exports to Asian nations inched down 0.9 percent to $450 million, and those to the Middle East sank 30 percent to $350 million. Domestic production shed 13.6 percent on-year to 300,459 units in February as companies had 1.5 fewer working days last month compared with February 2022 due to the Lunar New Year holiday. Car sales at home went down 21.2 percent to 115,753 units, as the government decided to reduce subsidies for EV buyers this year. "The export fall was attributable to fewer working days, a high base effects and carmakers' maintenance work of their production facilities," the ministry said in a release. "The government will continue to fully support the domestic car industry by extending budgets for research and development projects and easing regulations," it added. The country's car exports hit an all-time high in 2023 with $70.9 billion. Taking the first two months of 2024 into account, car exports rose 7.5 percent on-year. Source: Yonhap News Agency