Vehicles await cargo abroad at a port in Pyeongtaek, Gyeonggi Province, Dec. 1. Yonhap
Korea’s exports of used vehicles jumped greater than 80 % within the January-November interval from a yr earlier, knowledge confirmed Sunday, whereas these of brand-new cars edged down.
Exports of used vehicles over the interval got here to $8.4 billion, in contrast with $4.6 billion a yr earlier, based on knowledge compiled by the Ministry of Commerce, Trade and Sources.
Over the interval, mixed exports of cars, together with new vehicles, edged up 2 % to $66 billion.
Excluding used vehicles, auto exports declined 4.2 % to $57.6 billion, apparently because of U.S. tariff points coupled with Hyundai Motor Group’s push to increase abroad manufacturing.
“Improved know-how and stronger model recognition have boosted the worth of Korean cars,” an trade watcher mentioned, noting that the weak Korean gained has made them extra inexpensive in abroad markets.
In the course of the January-October interval, Kyrgyzstan was the highest vacation spot for Korean used vehicles, with exports totaling $2.62 billion, adopted by Russia with $909 million and Kazakhstan with $664 million. The United Arab Emirates adopted with $337 million.
