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Why South Korea is dominating the vehicle market in Albania

2024-08-18 21:28:02Aktualitet SHKRUAR NGA REDAKSIA VOX
Why South Korea is dominating the vehicle market in Albania
Illustrative photo

South Korea has returned to the second place from where Albania imports used cars, leaving behind Germany or Switzerland.

Official data show that 17.4 percent of the tools that were imported during January-July 2024 belong to this country with a significant increase compared to January-July 2023 when they accounted for 7 percent of the total.

The number of vehicles imported from South Korea has increased by more than 3 times, where from about 2956 they have already reached 10.6 thousand vehicles. The increasing trend of imports from Korea is clearly observed even with the naked eye by an increased number of importing agencies and sponsored advertisements on their social networks.

The only country that still leads imports, leaving behind Korea, is Italy, from which imports have a weight of 18.2 percent, or 11.1 thousand vehicles in January-July. In third place comes Germany with 17.2% (10.5 thousand vehicles) and then Switzerland with 9.1%, USA with 6.7%, China with 5.7% (see graph: Vehicle imports, by country, 7 months).

Why South Korea is dominating the market

The trend of imports from South Korea appears at first sight to follow a global trend of stimulating environmentally friendly vehicles. Government policies encourage the use of the newest vehicles, mainly electric or hybrid ones. This has caused the use of combustion vehicles to be eliminated at a rapid pace, promoting their sale.

Used cars from Korea come at a significantly more economical price than those from Europe, which skeptics attribute to the effect of less strict standards of tools than those in the EU, while another argument is the cheaper cost of labor.

Despite the dilemmas, it seems that imports from South Korea remain very active and the favorable prices are encouraging Albanians to turn more and more towards them. There are two ways to purchase: either by ordering online and paying the inspection and shipping fee to the agency or by purchasing directly from the agencies a vehicle provided by them.

According to Korean media, there is a significant increase in used car exports. “Outbound shipments of used passenger cars will reach $4.44 billion in 2023, up 66 percent from a year earlier, according to data compiled by the Korea Used Car Export Association. In terms of units sold, the figure reached 555,549, increasing by 68 percent during the period.

Gasoline cars accounted for the largest share at 67.5 percent, followed by diesel cars at 30.3 percent and hybrid models at 1.3 percent. Exports of hybrid cars also hit a new record, with their exports rising 82 percent compared to 2023 to $124.2 million," the Korea Times wrote. / Taken with cuts from Monitor


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