South Korea's Used Car Export Boom: Navigating Tariffs and Infrastructure Challenges
South Korea's used car exports are surging, helping offset US tariffs on new vehicles. Despite infrastructure challenges at export hubs, the demand for used Kia and Hyundai cars in the Middle East and Russia is strong. The government is urged to support the industry's growth through policies.
In defiance of US tariffs on new cars, South Korea's used car exports have surged, positioning the nation as a key player in the global automotive market. At the heart of this growth is the burgeoning demand for older Hyundai and Kia models in regions like Russia and the Middle East.
While US tariffs present challenges, the boom in used car sales underscores potential opportunities for growth, albeit hindered by inadequate infrastructure. Experts and traders are calling for government intervention to support the thriving industry.
The urgency is echoed in poor export hub conditions, notably in Incheon, where makeshift facilities struggle to meet rising demand. As lawmakers propose initiatives for better regulation and infrastructure, South Korea presses on to maintain its competitive edge.
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