Central Asia emerging as South Korea’s new used car export market

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Central Asia emerging as South Korea’s new used car export market - Korea Economic Daily

Quick Summary:

According to the Korea International Trade Association (KITA) on Wednesday, Korea’s monthly used car exports to Kyrgyzstan stood at 4,251 units on average in 2023, a threefold increase from 1,939 vehicles the year prior.

Libya, Korea’s top secondhand vehicle export market in the region, saw imports from Korea fall to 7,397 units in June, down sharply from a monthly average of 12,622 units in 2023.

RISING RUSSIAN ECONOMYAccording to the Financial Times and other media outlets, the Russian economy is enjoying a strong rebound, with its people’s real wages rising thanks to the government’s large-scale spending on the defense industry.“The average selling price of a used car heading to Kazakhstan and other Central Asian countries is $25,000.