Government data shows South Korea's used car exports surged more than 80% year-on-year in the first 11 months, reaching $8.4 billion. While new car exports dipped slightly, overall automobile exports increased by 2%.
South Korea's used car exports jumped more than 80% in the January-November period compared to the previous year, totaling $8.4 billion, according to data from the Ministry of Trade, Industry and Resources. Excluding used cars, automobile exports fell 4.2% to $57.6 billion, attributed to U.S. tariff concerns and Hyundai Motor Group's expansion of overseas production. Overall, combined automobile exports rose 2% to $66 billion.
"Improved technology and stronger brand recognition have boosted the value of Korean automobiles," an industry watcher said, adding that the weak Korean won has made them more affordable in overseas markets. For the January-October period, Kyrgyzstan led as the top destination with $2.62 billion in exports, followed by Russia at $909 million, Kazakhstan at $664 million, and the United Arab Emirates at $337 million.
This trend highlights the growing global competitiveness of Korea's auto sector, with the used car market emerging as a key driver of growth. Images of automobiles awaiting shipment at Pyeongtaek port in Gyeonggi Province illustrate this development.
