Exports of used cars from the Republic of Korea to Russia showed a dramatic increase in 2022, rising by more than twelvefold in monetary terms compared with the previous year, according to a report cited by the newspaper Chungan Ilbo, drawing on data from the Korea International Trade Association (KITA).
In 2021, Korea’s used car shipments to Russia reached 45.34 million dollars. By 2022, the value of these shipments had surged to 572.76 million dollars, underscoring a substantial shift in the Russian automotive import landscape during that period.
Details accompanying the data indicate a notable expansion in the vehicle count as well. The number of used cars delivered to Russia jumped from 2,358 units in 2021 to 19,626 units in 2022, marking an increase of about eight times. Analysts and market observers attribute parts of this surge to sanctions developments in 2022, which restricted exports of new vehicles from American and European manufacturers to Russia. As a consequence, Russia increasingly sourced pre-owned cars from neighboring and regional markets, notably Japan and the Republic of Korea, to meet consumer demand. This shift helped fill a supply gap created by the export controls on newer models from Western brands.
From a pricing perspective, the average price of a Korean import into Russia climbed from 19.2 thousand dollars in 2021 to 29.2 thousand dollars in 2022. The higher average reflects a mix of models, increased demand for late-model used vehicles, and the broader market dynamics of a constrained new-car import environment. These price movements also mirror broader regional factors such as currency fluctuations, shipping costs, and the changing composition of vehicles entering the country during sanctions-era trading conditions.
Context around the Russian automotive sector during this period included a notable development at the Hyundai plant in St. Petersburg. Production stopped in March of the previous year, with official statements citing difficulties in securing components due to sanctions. Reports later in the year suggested some resumption of activities, though bodies for Hyundai Solaris were produced exclusively for the Kazakhstan assembly site. This sequence highlights the way sanctions and international trade constraints can reshape the flow of vehicles and components across markets, influencing both supply chains and consumer choices.
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Source: TAS