Exports of used passenger cars hit fresh high in 2023

Bomi Yoon

Used cars ready for export are being loaded onto a ship at a pier in Incheon, 27 kilometers west of Seoul, in this undated file photo. Courtesy of  Incheon Port Authority

Used cars ready for export are being loaded onto a ship at a pier in Incheon, 27 kilometers west of Seoul, in this undated file photo. Courtesy of Incheon Port Authority

Korea’s exports of used passenger cars hit a fresh high last year amid the growing global demand for eco-friendly hybrid models, data showed Sunday.

Outbound shipments of used passenger cars reached $4.44 billion in 2023, soaring 66 percent from a year earlier, according to the data compiled by the Korea Used Car Export Association.

In terms of units sold, the figure came to 555,549, rising 68 percent over the period.

Gasoline cars accounted for the largest portion of 67.5 percent, followed by diesel automobiles with 30.3 percent and hybrid models with 1.3 percent.

Exports of hybrid cars hit a new record as well, with their exports rising 82 percent on-year in 2023 to $124.2 million.

The number of used hybrid models sold overseas advanced 63 percent over the period to 7,115 units, the data also showed. (Yonhap)

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