New customs route opens for cars in North Korea, but brokers stay cool
North Korea has begun allowing new cars to be imported from China through official customs channels, but few brokers are eager to take advantage of the change, as new vehicles carry thin profit margins and slow returns compared with the used cars whose imports remain suspended. “Hyesan recently started allowing new car imports through customs,” […]
North Korea has begun importing new cars from China through official customs channels, but few brokers are keen to invest in this market. The thin profit margins and slow returns on new vehicles compared to the more lucrative used car market have deterred brokers from taking advantage of the change. Hyesan, a city known for informal trade with China, has allowed new car imports via customs, but brokers cite the slim margins and competition as the main reasons for their reluctance.
Used cars, on the other hand, offer more room for profit due to varying prices based on factors like mileage and condition. The short turnaround time between importing and selling a vehicle also benefits brokers financially. While new car imports are now permitted, brokers are more focused on the delayed delivery of their existing used car inventory rather than investing in new imports.
Written by urgent.news from Daily NK's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
