Albanians are now buying cars from South Korea, it will be the first for imports in 2024

2025-01-10 07:20:00, Ekonomi CNA

Albanians are now buying cars from South Korea, it will be the first for imports

South Korea has become for the first time the country from which most of the cars that entered and were registered in Albania in 2024 were imported.

According to data from the General Directorate of Road Transport Service (DPSHTRR), in 2024, 18,800 vehicles originating from South Korea were registered for the first time, becoming the largest importing country, with 19% of the total.

Compared to 2024, funds from South Korea then doubled, with an increase of 124%. Two years ago, purchases from this country were minimal with around 1.2-1.5 thousand vehicles per year. Previously, the two countries from which the most vehicles were imported were Italy and Germany. But, from 2023, Albanians have discovered a new destination, which offered more economical cars, despite higher transport costs.

Sonila says that she bought a 2013 Golf 6 (R Line) with 118,000 kilometers at a customs price of 6,500 euros, which includes the purchase price and shipping. He would have bought the same vehicle in Germany for 1000-2000 euros more. Locally produced vehicles such as Hyundai also come with affordable prices, with the Tucson and Santa Fe being the most prevalent.

Italy came in second place for registrations, with 17.8 thousand, or 18% of the total. The third is Germany, with 17.8 thousand vehicles. It is followed by Switzerland (9.3 thousand), the United States (6.9 thousand) and then China (5.9 thousand).

In total, in 2024, a record number of 99.4 thousand vehicles were registered for the first time, with an increase of 27.5% compared to the previous year, according to data from DPSHTRR.

Why are South Korean vehicles growing?

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 increasing 82 percent compared to 2023 to $124.2 million," the Korea Times writes./Monitor magazine.