Posted on 06/15/2006 4:49:46 PM PDT by Jet Jaguar
The nascent government in Iraq is dealing a blow to Korean exports in a neglected but lucrative field -- used cars. Iraq, Korea’s second largest export market for used wheels, has strengthened import restrictions to prevent terrorist attacks by second-hand car, and that will eat into the trade surplus since Korea exported some US$768 million worth of second-hand vehicles in 2004. Accumulated second-hand car exports stood at 48,736 units between the beginning of this year and April, a whopping 21.9 percent down from a year ago (62,433), the Ministry of Construction and Transportation said Thursday.
If the pattern continues, this year’s total exports will decline by almost 40,000 old cars to 130,000, the industry expects. After reaching a record 273,878 used cars in 2004, exports fell to 169,534 last year. “Suicide bomb attacks take place almost every day, and they are committed in most cases using second-hand cars, so the Iraqi government imposed import restrictions to prevent them,” an official with the Korea Trade-Investment Promotion Agency (KOTRA) said. “As a result, Korean second-hand cars which enjoyed huge popularity in the Iraqi market were dealt a devastating blow.”
The Industry points out that suicide bombings in used cars have not declined since the import restrictions were imposed. They are asking the Korean government to negotiate with Baghdad before it is too late, since the Iraqi market for Korean second-hand cars is shrinking fast.
I'm sure this has nothing to do with SK being an aspiring member of the Axis of Weasels.
Wouldn't it make more sense to follow ownership of these cars as they are imported and change hands?
South K 2nd hand auto export info
Interesting.
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