Used car exports up 43 percent in first quarter

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Used car exports up 43 percent in first quarter

Korea’s exports of used cars jumped 43 percent in the first quarter from a year earlier, data showed Sunday, as local automobiles became more competitive due to the weaker won.

According to the Korea International Trade Association, Korea shipped 107,321 units of used cars in the January-March period, the second-highest quarterly shipment number.

The current record was set in the second quarter of 2012, when the figure reached 107,573 units.

Passenger cars accounted for 86,000 units, while other larger vehicles, including trucks, took up the remaining number.

By countries, Libya was responsible for half of Korea’s exports of used cars, doubling from the same period a year earlier.

Other major importers of Korean used cars were Cambodia, Ghana, Chile and Jordan.

Industry watchers said the weaker Korean won against made local used cars more attractive in terms of price.

Annual shipments of used cars may hit 400,000 units for the first time in 2019 considering the robust January-March performance, industry watchers said. The current record was set in 2012, when the figure reached 373,000 units.

Korea, however, needs to make efforts to diversify its export destinations as being dependent on a single country poses risks in the long run, they added.

The country’s outbound shipments of new cars came to 582,075 units in the first quarter, up 1.4 percent from a year earlier.

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