The value of built-up vehicles exported from South Korea in January 2025 fell by almost 20% to US$4.99bn compared with a record high of US$6.21bn a year earlier, according to data released by the country’s Ministry of Trade, Industry and Energy.

The number of vehicles exported last month fell by 18% to 199,663 units, while overall vehicle production in the country dropped by 19% to 290,590 units.

The sharp decline was due mainly to the extended Lunar New Year holidays, with fewer working days last month compared with a year earlier. Local reports also pointed out that Renault Korea’s month-long production shut-down at its Busan plant also affected overall shipments in January. The automaker halted operations at the facility to introduce new manufacturing equipment for electric vehicle production.

Local vehicle manufacturers also reported a sharp decline in domestic vehicle sales in January, by 12% to 90,762 units from 102,719 units a year earlier, which was largely blamed on fewer working days last month.

According to the government data, the number of vehicles sold in the country, including imports, fell by 9% to 105,928 units.