South Korea’s Used Car Exports Reach Record High with 68% Growth in 2023

Data released on Sunday showed that the value of South Korea’s exports of used passenger cars reached an all-time record, fueled by the increasing global demand for eco-friendly hybrid models.

According to data released by the Korea Used Car Export Association, the value of used passenger car exports reached $4.44 billion last year, representing a 66% increase from the previous year.

The number of exported used cars reached 555,549 units, an increase of 68% during the mentioned period, according to the Korean news agency “Yonhap”.

The value of used passenger car exports witnessed a decline in 2020 due to the repercussions of the COVID-19 pandemic. However, it rebounded in the following year, reaching $1.02 billion in 2019, then decreasing to $968 million in 2020, before increasing to $1.67 billion in 2021.

It further jumped to $4.44 billion last year, marking its highest levels.

Cars that run on gasoline dominated with a share of 67.5%, or 374 thousand units, followed by diesel cars at 30.3%, hybrid cars at 1.3%, and electric cars at 0.9%.

Used hybrid car exports also set a new record, with its value increasing by 82% annually to $124 million last year, and its quantity rising by 63% to 7,115 units.