Calls grow for certified quality checks on exports amid global used car boom

Seouls Janghanpyeong used car trading complex Yonhap — Vehicles are parked at a secondhand car market in Seoul, in this undated photo. Yonhap

SEOUL, May 30 (AJP) - With the rapid expansion of secondhand vehicles in the global market, there are mounting calls for South Korea to implement quality-certification measures for its exports.

In a report released by the Korea Automotive Technology Institute on Friday, the used car market is expected to continue growing, with South Korea having ample potential for exports.

Trade volume for used cars in the global market increased by 88.9 percent over the last decade, rising from 5.4 million units in 2010 to 10.2 million units in 2022, driven by economic growth in emerging markets.

The country's largest shipments went to Libya with 121,000 units, followed by Kyrgyzstan with 72,000 units, together accounting for 36.2 percent of total exports.

By value, Kyrgyzstan ranked first with $1.49 billion, accounting for more than one third or 31.4 percent of the total revenues.

The report cited Japan and China as benchmarking cases for quality control, with Japan's used car market valued at 1 trillion yen in 2023 and China seeing an average annual growth rate of 208 percent since 2019.

The report stressed the need to secure certified quality assurance through authorized institutions, which also helps gauge demand in emerging markets. The report also proposed building integrated complexes that handle logistics alongside quality checks to improve efficiency and create synergy.

Candice Kim candicekim1121@ajupress.com