(MENAFN- Qatar News Agency) Oul July 13 (QNA) - South Korea saw its exports of used cars fall sharply through May of 2014 from a year earlier data showed Sunday as the strong won against the US dollar weighed down on their price competitiveness.
Shipments of local used cars totaled 103928 units over the January-May period of 2014 down 18.4% from the 127355 units posted last year the Korea International Trade Association data showed.
Market watchers said the downward trend came as the won recently gained ground against the greenback. A stronger won inflicts foreign exchange losses and makes South Korean goods more expensive relative to those of rivals according to (Yonhap) news agency.
The local currency has already gained some 12% against the greenback in the past year and the gain has further accelerated in recent months. This year the won rose some 5% to the dollar through end-June.
In contrast Japanese dealers saw the exports of used cars jump on the back of the weak yen. Their combined shipments came to 512330 units through May this year up 11.3% from the previous year Japan's Ministry of Finance data showed.
Last year Libya was the largest buyer of South Korean used cars at 88000 units trailed by Jordan Russia and Mongolia with 63000 16000 and 15000 units respectively. (QNA)
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.