Middle East War Disrupts Japan, South Korea Used-Car Exports

• The Middle East crisis, sparked by US and Israeli strikes on Iran, is severely impacting used-car exports from Japan and South Korea.
• Umar Ali Hyder Ali's Japanese used-car business faces major disruptions, including a shipment of 500+ cars delayed in Sri Lanka due to port congestion.
• The near-closure of the Strait of Hormuz and port congestion have caused 'panic' among shippers, leading to cancellations, diversions, and increased costs.
• Japan and South Korea exported $19 billion in used cars last year, with the Middle East, particularly the UAE, being a major destination.
• South Korean used-car shipments are halted during their peak season, with many vehicles stuck in storage or diverted, causing significant financial strain for dealers.