Exports of used cars up 80% through November: data

Korea's exports of used cars jumped more than 80 percent in the January-November period from a year earlier, data showed Sunday, while those of brand-new automobiles edged down. Exports of used cars over the period came to $8.4 billion, compared with $4.6 billion a year earlier, according to data compiled by the Ministry of Trade, Industry and Resources. Over the period, combined exports of automobiles, including new cars, edged up 2 percent to $66 billion. Excluding used cars, auto exports declined 4.2 percent to $57.6 billion, apparently due to U.S. tariff issues coupled with Hyundai Motor Group's push to expand overseas production. "Improved technology and stronger brand recognition have boosted the value of Korean automobiles," an industry watcher said, noting that the weak Korean won has made them more affordable in overseas markets. During the January-October period, Kyrgyzstan was the top destination for Korean used cars, with exports totaling $2.62 billion, followed by Russia with $909 million and Kazakhstan with $664 million. The United Arab Emirates followed with $337 million.