Used car exports stall as Middle East conflict sends shipping costs soaring

Used car exports to the Middle East have plummeted due to soaring shipping costs caused by the Middle East conflict and the Strait of Hormuz blockade. Thousands of vehicles are currently stranded at the Incheon Songdo export complex, and exporters are reporting zero revenue. The government is seeking diplomatic support and urging the provision of short-term working capital loans to help the industry survive.