Incheon Port Used Car Exports Recovering... Exports to Libya and Turkey Increasing

409,000 Units Last Year, 18.4% Increase from Previous Year
'Smart Auto Valley' Development...Expecting Advancement in Used Car Export Industry

Incheon Port Container Terminal
Photo by Incheon Port Authority

[Asia Economy Reporter Park Hyesook] As demand for Korean used cars increases in countries such as Libya and Turkey, the number of used cars exported through Incheon Port last year recorded the second-highest performance ever.

According to Incheon Port Authority on the 1st, the number of used cars exported last year exceeded approximately 409,000 units, showing an 18.4% increase compared to the previous year.

The number of used cars exported through Incheon Port decreased from 419,872 units in 2019 to 345,609 units in 2020, but increased to 409,086 units last year, supported by the base effect of the COVID-19 export decline and the recovery in used car demand. This is the second-highest export performance ever.

Exports to Libya, the largest destination country for used car exports, increased by 8.7% compared to the previous year to 110,573 units, maintaining its position as number one. This was followed by Chile with 37,488 units and Jordan with 37,219 units.

Countries with notable export increases last year include Turkey, Chile, and Egypt. Exports to Turkey increased by 22,426 units, growing 10.7 times compared to the previous year. Chile recorded an increase of 24,596 units, 2.9 times the previous year, and Egypt saw an increase of 14,500 units, 2.1 times the previous year.

The increase in used car export volume to Turkey is largely due to the Syrian civil war, which has caused Syrian demand for used cars to be rerouted through Turkey. In the case of Chile, the increase in demand from landlocked countries such as Paraguay and the development of used car export platforms have significantly improved accessibility.

Additionally, Egypt has shifted from exporting via conventional container ships to using car carrier ships, which has increased buyer accessibility and interest.

The authority expects that as global demand for Korean used cars steadily increases in countries such as Libya, Turkey, and Chile, the used car export industry will be modernized through the establishment of the "Smart Auto Valley." If issues such as securing shipping capacity (weight tonnage that can be loaded on ships) and quality assurance measures are improved, the volume of used car exports is expected to continue to grow.

Smart Auto Valley is an eco-friendly, state-of-the-art export complex project that includes exhibition, sales, auction, and inspection facilities to support one-stop used car exports.

Incheon Port serves as a hub port responsible for 88% of the nation's used car exports. The authority is promoting the Smart Auto Valley project on a scale of about 400,000 square meters to modernize the used car export industry at Incheon Port. The preferred negotiation partner was selected at the end of last year, with construction scheduled to begin early next year.

Kim Jong-gil, Vice President of Operations at Incheon Port Authority, said, "We are identifying the difficulties faced by the used car export industry and continuously monitoring related industry trends. We will strive to modernize the used car export industry and enhance the competitiveness of Incheon Port by creating a Smart Auto Valley that can coexist with the local community."

This content was produced with the assistance of AI translation services.