Toyota and other automakers have ceased their business in Russia, local new cars are insufficient, and the yen has depreciated, making Japanese cars relatively cheap. In addition, the embargo by the Japanese government is limited to high-priced cars with a price of more than 6 million yen , It also pushed up Japan's second-hand car exports to Russia, which soared more than 2 times in October.
The Nikkei News reported on the 4th that Japan’s used car exports to Russia have shown rapid growth. According to trade data released by the Ministry of Finance, Japan’s used passenger car exports to Russia will reach 34.5 billion yen in October 2022, an increase from the same month last year. A surge of 2.4 times (a surge of about 240%), the export volume was 23,883 units, a surge of 67% compared with the same month last year, and both the amount and quantity hit a new high in a single month this year.
The report pointed out that Japan's second-hand car exports to Russia have increased sharply, mainly because Toyota and other automakers have stopped their business in Russia, resulting in a shortage of new cars in the local area, and the depreciation of the yen has made Japanese cars relatively cheap. Although the Japanese government has imposed economic sanctions on Russia, the export of passenger cars (including new cars and used cars) is limited to high-priced models above 6 million yen, and most of the second-hand cars are not included in the embargo.
So far in 2022 (April-October 2022), Japan's used car exports to Russia have reached 151 billion yen, which has far exceeded the 106.9 billion yen for the whole year of 2021 (April 2021-March 2022). The volume was 120,566 units, an increase of 25% compared to the same period last year. On the other hand, Japan's new car exports to Russia have almost dropped to zero since May, and there is a sharp contrast between the two. In Japan's overall used car exports, Russia accounted for 26% in terms of value and 20% in terms of quantity.
According to reports, in the Russian market, Japanese used cars are already very popular because their prices are not likely to fall. About 80% of Russia's imported used cars in August 2022 will come from Japan.
