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Vehicle imports to return to decline in 2025, South Korea leads again

2025-08-11 08:36:00, Ekonomi CNA

The vehicle market appears to have reached saturation in 2025, as imports of both used and new cars declined in the first 5 months.

According to data from the General Directorate of Road Transport (GDRT), in the period January-May 2024, 38 thousand vehicles (of which 30.9 thousand cars) were registered for the first time.

Compared to the same period a year ago, when they reached a record 41.6 thousand, total first-time vehicle registrations have decreased by 8.6%.

For the whole of 2024, new vehicle registrations reached a record 99.4 thousand, influenced by a high influx of vehicles coming from South Korea.

According to data from the General Directorate of Road Transport Services (DPSHTRR), in 2024, 18.8 thousand vehicles originating from South Korea were registered for the first time, becoming the largest importing country, with 19% of the total. Even in the first 5 months of 2025, South Korea continued to dominate. 7753 vehicles were registered from this country in January-May, or 20.4% of the total. Imports from South Korea have been driven in recent years by favorable prices.

There are two ways to purchase: either by ordering online and paying the agency the inspection and transportation fee, or by purchasing a vehicle provided by the agencies directly.

In second place for the first five months of 2025 is Italy, with 6,116 vehicles, or 16% of the total, followed by Germany (6,000 vehicles or 15.9% of the total), Switzerland 34,000 vehicles or 9% of the total), the USA with almost 3,000 vehicles or 7.8% of the total. Following them is China with 2,800 vehicles, or 7.3% of the total.

Positive developments in tourism increase the need for small means of transportation, also due to shortcomings in public transportation.

The number of taxis has increased significantly, as have the number of vehicles rented to tourists. It seems that the market has already reached saturation and fewer are being imported by 2025. Many businesses and individuals may have already made the necessary purchases, reducing the demand for more vehicles.

The Ministry of Finance reported that the decline in vehicle imports negatively affected customs revenues in 2025. The import of used vehicles had a negative effect on budget revenues of -665 million lek in the first 5 months compared to the same period in 2024, while new vehicles had a negative effect of -333 million lek or -27% less.

The year 2024 marked the highest number of vehicles ever registered in the country, the majority of which were cars. According to statistics published by the General Directorate of Road Transport, a total of 99.4 thousand vehicles were registered for the first time in 2024, of which 83.2 thousand, or 84%, were cars.

Compared to the previous year, total new registrations increased by 27%, while those of cars by 26%.

According to DPSHTRR data, in 2024, about 53% of registered vehicles were 9-15 years old and 26% were over 15 years old. Only 12% were up to 4 years old.

The car fleet continues to be old. Of the 738 thousand cars in circulation as of June 2024, about 73% are older than 15 years and 20% have a production year of 9-15 years./ Monitor