South Korea's car exports to Russia fell 37.7 percent in the first quarter

That's $ 355 million less than in the same period last year.

South Korea's global car exports fell 0.6 percent to $ 10.9 billion. This decline was observed in the first and second quarters of 2020.

The reason for the negative trend is the lack of chips in the market, interruptions in supply and the fact that Russia has launched a special operation in Ukraine. The automotive industry accounts for 7 percent of South Korea’s total exports.

On Monday, Hyundai Motor's deputy chief executive, Gan Hyun, said the company was exploring the possibility of suspending investment in Russia this year because of the situation in Ukraine and in order to optimize spending.

In the first quarter, car sales in the Russian market fell by 25 percent. Hyundai Motor had also closed its plant in St. Petersburg since March.