SEOUL, February 13. /TASS/. Total exports of used cars from the Republic of Korea to Russia soared by 12.6 times or by 1,163% year-on-year, The Korea JoongAng Daily newspaper reported on Monday, citing data of the Korea International Trade Association (KITA).

The total value of used vehicles sold to Russia surged from $45.34 mln in 2021 to $572.76 mln in 2022, the Association said. The number of supplied cars moved up by 8.3 times from 2,538 cars in 2021 to 19,626 in 2022.

The Republic of Korea exported 404,000 used cars in total in 2022, with Russia accounted for 4.9%. "Since the second quarter of last year when the US and European carmakers were prohibited from exporting their cars to Russia, the demand has been concentrating on Korea and Japan," said Shin Hyeon-do, the owner of a used car export company.

"Last year, the average price of a used car exported to Russia was $29,200, four times higher than the average price of all other exported cars," the newspaper said. In 2021, the average price of a used car sold to Russia was about $19,200.

The Hyundai plant in St. Petersburg suspended production of cars in March 2022 due to difficulties with component supplies. It was able to make about 200,000 cars per year, the newspaper added.