SEOUL, May 7 (Korea Bizwire) — South Korea saw a significant rise in used car exports in the first quarter of this year, with Libya becoming the largest importer of South Korean used cars.
South Korea exported 107,321 used cars in the first quarter, which was a 42.9 percent jump from the same period last year.
The export total set a new record for the first quarter, seconded only by the record set in the second quarter of 2012 (107,573 cars).
Major export destinations are the Middle East, Southeast Asia, and Africa.
A total of 59,000 used cars, which accounted for more than half of all used car exports, were sent to Libya. South Korean used cars are gaining popularity in the country, despite the instability caused by the civil war.
Around 4,000 used cars were exported to each of Cambodia, Ghana, Chile, and Jordan. Among used car exports, 70 percent concentrated on the top five countries.
Since the fourth quarter of 2018, South Korea has been exporting more than 100,000 used cars each quarter, leading experts to expect that the country will export more than 400,000 used cars this year.
The highest export record so far was 373,000 cars in 2012.
“The won-dollar exchange rate has been rising recently, adding to a brighter forecast in the used car market,” said one expert.
“But it may be risky to rely too much on one country. South Korea has been exporting less to countries where import prices were significantly high, such as Russia. So, despite the increase in the size of exports, actual profits are much smaller.”
Kevin Lee (email@example.com)