Exports of used cars have held steady around the 80,000 mark for four years,
the Korea Herald reported, citing the Ministry of Construction and Transportation.

The newspaper said that second-hand car exports have increased since the economic
crisis of 1997, with 87,834 units shipped in 1998, 81,512 in 1999 and 88,655
in 2000. The first quarter of this year saw exports of 21,141 cars.

The numbers represent a 2.5-fold increase from 1997 exports of 35,732 units
and a 27-fold surge from 1992’s 3,177.

The Korea Herald quoted the ministry as saying that the boom in exports is
due to competitive prices thanks to the weakening won and foreign buyers’ approval
of Korean cars following an improvement in manufacturing technology.

Cars made up the majority of Q1 exports, with 9,820 units (46 percent), followed
by buses and vans with 6,640 (31 percent) and trucks with 4,681 (22 percent).

Korea expects to export 100,000 used cars in one or two years because demand
from southeast Asia, China and eastern Europe is increasing, a ministry official
told the newspaper.


To view related research reports, please follow the links
below:-

Korea’s
Automotive Future

Automotive
b2b – Strategic threats and opportunities in the automotive supply chain