Exports of used cars from Japan decreased due to the ban on the supply of cars to Russia. In this respect reports Reuters.
According to the agency, if it were not for Japan’s ban on the supply of cars to the Russian Federation, the market could exceed $ 1.9 billion by the end of 2023. Sanctions led to a decrease in second-hand car prices in Japan. The report states that dealers of such cars are now looking for other markets and shipping cars to right-hand drive regions such as New Zealand, Southeast Asia and Africa.
According to SV Alliance, a company that exports cars from Japan to Russia, it had to cut staff due to a decrease in business volume of approximately 70%.
After automobile companies leave Russia in 2022, demand for second-hand cars from Japan has increased. At the end of last year, the Russian Federation received a quarter of Japan’s second-hand car exports, while in 2020 this figure was 15%.
With data Japan’s Ministry of Finance increased passenger car exports to Russia by 32.8% in the first half of the year compared to the same period in 2022. In June this year, exports increased by 60.3 percent compared to June last year. Banning the export to Russia of cars and hybrid cars with an engine capacity of more than 1.9 liters entry It will go into effect on August 9 in Japan.
happened before knownHow much Muscovites spent on buying new cars in 2023.
Source: Gazeta
Anika Rood is an author at “Social Bites”. She is an automobile enthusiast who writes about the latest developments and news in the automobile industry. With a deep understanding of the latest technologies and a passion for writing, Anika provides insightful and engaging articles that keep her readers informed and up-to-date on the latest happenings in the world of automobiles.