What’s the Anticipated Import of Japanese Cars to Russia in 2023?

In 2023, Japan’s passenger vehicle exports to Russia will decrease by 3.7% from last year to 212,000 birliklar. According to statistics from the Japanese Ministry of Finance, parts supply to Russia fell by 48.4% during the same period. Exports of trucks and buses fell by 42.7%, TASS reported.

During the reporting period, the reduction in the supply of cars and parts continued against the backdrop of sanctions that came into effect on August 9, which banned the export to Russia of gasoline and diesel vehicles with an engine capacity greater than 1.9 litr, as well as hybrid vehicles. According to Hiroshi Fujita, associate professor of international studies at Kobe University and researcher at the Japan Institute of International Affairs, Russia has always been the largest market for Japan’s used car business overseas, and the current measures will inevitably have a significant impact on it.

“Some of the used cars that cannot be exported to Russia from now on will flood into the Japanese market, which has already led to a drop in prices and a reduction in the income of used car dealers,” experts pointed out. (Autostat)