Carmakers in South Korea have faced a decline in exports in the first two months of the year as their shipments to Russia shrank significantly due to its prolonged economic slump and the plunging currency, industry data showed Friday.
  

According to the industry data, five local carmakers' combined exports came to 460,209 units of vehicles during the January-February period, down 8.4 percent from a year earlier. The export figures only include those produced in South Korea and shipped overseas.
  

A slump in sales in emerging markets, especially in Russia, caused by the weak ruble and economic slump is a major factor that weighed on overseas shipments. The weak ruble, which dropped in value by nearly 50 percent over the past year, and the prolonged economic slump in Russia forced local car manufacturers to cut or suspend exports to the country in a bid to reduce losses, the data said.
  

The decline is also attributable to intensifying global markets driven in part by Japanese carmakers armed with price competitiveness from the weak yen.
  

Market leader Hyundai Motor Co. sold 3,155 units in Russia during the first two months of the year, down 52.7 percent, while its smaller affiliate Kia Motors Corp. saw its Russia sales drop 72.7 percent on-year to 1,744 units during the period.
  

Hyundai Motor and Kia Motors plan to focus on selling products that are produced in Russia for the time being to minimize losses, but they have no plan to reduce local production in Russia.
  

Ssangyong Motor Co., which is known for SUVs, has not shipped a single vehicle to Russia so far this year. The carmaker earlier said it will reduce losses by sending the amount of vehicles it is supposed to export to Russia to other European markets.
  

A Ssangyong Motor official said that it will closely watch market situations there to determine when to resume exports to the country. (Yonhap)