Statistics show that the export volume of used cars at Incheon Port, South Korea's largest used car export port, has dropped significantly this year.
According to the Incheon Port Company (IPA) on the 9th, the second-hand car export volume of the Incheon Port in the first half of this year was 157,290 units, a decrease of 33.4% from the same period last year (226,195 units). The export volume in June this year was 19,221 units, a decrease of 45.6% compared with the same period last year (35,361 units), and the decrease showed an expanding trend with the passage of time.
In addition, Libya, South Korea's largest exporter of used cars, exported only 1,403 vehicles in June, down 85.2% from the same period last year (9,480 vehicles).
According to industry insiders, the deteriorating economic conditions in North Africa, the Middle East, and South America, the major importers of used cars in South Korea, have led to a decrease in used car exports. Moreover, the rise in the exchange rates of various currencies against the US dollar also has an impact on the decrease in demand for imported used cars. In addition, the recovery of export demand has been hindered to a certain extent by the long-term shortage of automobile transport capacity in the export of second-hand cars.
Park Young-hwa, president of the Korea Used Car Export Organization, said that as of this spring, a shortage of shipping ships had caused some difficulties in exporting used cars, but high inflation had led to a decline in the real purchasing power of export target countries. Based on the above reasons, the second-hand car transaction volume may further decrease in the future, and the economic situation will deteriorate again.
