International shipping is becoming more popular around the world. Imports and exports are seeing heavy increases, especially in South Korea.
Residents of South Korea are starting to lean more towards imported vehicles and more away from Korean made cars, like Hyundai. Still the dominant brand, Korean makes are now being seen as “boring” by those looking for new cars.
New buyers are willing to pay more for cars that have been shipped in internationally because of the new and evolving styles of companies like Audi. South Korea appears to be for the change and has even cut import duties down to 3.2% from the 8% it was at 18 months ago, which is making the manufacturers and dealers able to sell the cars for less. Deals with international shipping from the U.S. are expected to create a growth of about 54% in exports of American made vehicles and auto-parts to South Korea.
Gangnam Style Imports
With the release of the Gangnam Style video on YouTube, and Psy using a Mercedes SLK 200 in the video, and, in fact, there are a lot of foreign cars seen in the video. This seems to have given a boost to international shipping to South Korea, which can be seen with the growth rate of the imports coming in after the release.
Cars shipped in internationally have taken over roughly 10% of the South Korean market, where before Hyundai and Kia held 99% of it. With trade agreements being brokered to help lower international shipping costs the overseas markets could see an influx of imports being shipped in from all over the world.
Imports are getting so much attention now because they are different, and car buyers and owners are looking for prestige from the internationally imported vehicles, rather than driving the “home grown” cars that have dominated for so long.
International Shipping Demands
Although Kia and Hyundai are seeing drops back home, they are becoming more and more in demand in other countries, and are being seen as more and more reliable. They have closed large gaps left by other manufacturers and have managed to catch up to the growing expectations of consumers with both safety and efficiency. Ten years ago Kia and Hyundai weren’t thought of as highly as they are now, and the increasing market shows how in demand they are now.
With South Korea shipping its own cars all over the world, with international demand growing, they aren’t worried about losing some of the market back home. Now putting focus to international exports, and working on free trade agreements with other countries, Kia and Hyundai are looking to expand in other countries and see much more growth than if they kept their focus at home.