S. Koreas exports of used cars drop in 2010

South Korea's exports of used vehicles dropped in 2010 from a year earlier, a local trade body said Tuesday, despite a large boost in overseas sales of new South Korean cars last year.

The country shipped 239,556 pre-owned vehicles to overseas countries last year, down 9.4 percent from 264,742 units a year earlier, according to the Korea Trade-Investment Promotion Agency (KOTRA).

Revenue from overseas sales of used cars also dropped from slightly more than $1.36 billion in 2009 to less than $1.25 billion, it said.

Of last year's total, 31.1 percent, or 74,530 units, were shipped to Jordan, making the country the largest importer of used vehicles from South Korea for the third consecutive year, KOTRA said.

Libya was the second-highest importer of used cars from South Korea with 26,531 vehicles shipped there last year, followed by Vietnam with 14,402 units and Laos with 11,414 cars.

"In Jordan, South Korean cars are very popular with about 60 percent of the market share as they are more competitive than their foreign competitors in terms of price, and still maintain good fuel economy," KOTRA said in a press release.

Many used cars headed to Jordan also end up in neighboring Iraq, Syria and Palestine, it added.

Meanwhile, South Korea's five automakers said earlier their combined overseas sales of new vehicles jumped 32.7 percent in 2010 to 5,385,160 units. (Yonhap)