Incheon Used Car Export Consultation: "Turning the Middle East Crisis into an Opportunity for Market Diversification"

Hosted by Incheon Chamber of Commerce, KOTRA, and Incheon Port Authority on June 14-15

The Incheon FTA Trade Promotion Center of the Incheon Chamber of Commerce and Industry, together with the Incheon branch of KOTRA, Incheon Port Authority, and Korea Transportation Safety Authority, held the "Incheon Used Car and Parts Export Consultation" at the Sheraton Hotel in Songdo, Incheon, on the 14th.

This event, organized to respond to the Middle East war and explore market diversification, brought together 33 buyers from 7 countries—Georgia, Cambodia, Colombia, the Dominican Republic, Chile, Jordan, and Egypt—and 61 domestic companies for B2B export consultations. In addition, a seminar was held to discover alternative markets for used car exports.

On the 15th, buyers are scheduled to visit the Incheon automotive complex (Mpark) to inspect the quality of Korean automobiles and parts, and to interact with representatives from the used car industry.

On the 14th, the 'Incheon Used Car and Auto Parts Export Consultation' is being held at the Sheraton Hotel in Songdo, Incheon. Provided by Incheon Chamber of Commerce and Industry

As of 2023, Incheon is home to more than half of all used car export companies in Korea—2,320 out of a nationwide total of 4,584—and handles approximately 80% of the country’s total export cargo volume. In particular, as global instability in automotive parts supply continues, there is a rising demand overseas for used parts.

However, following the outbreak of the Middle East war at the end of February, exports to the Middle East—which account for 30% of all used car exports—have been disrupted.

A representative from the Incheon FTA Trade Promotion Center stated, "Recently, thanks to the increasing recognition of Korean-made vehicles, used car exports have reached an all-time high. We hope this consultation event will serve as a turning point to overcome the crisis caused by the Middle East war and to secure new markets in Latin America and the CIS."

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