Japan Bans Used Car Exports to Russia, Wiping Out $2 Billion Trade and Impacting Japanese Used Car Market
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Japan banned exports of most used cars to Russia, wiping out Russia's biggest source of used cars and costing a trade nearing $2 billion annually.
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Russia was buying over a quarter of Japan's used-car exports in 2022, paying over $8,200 per car on average.
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Over half the used cars Russia imported before the ban came from Japan, versus new mainly Russian and Chinese brands.
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The export ban has driven down used car prices in Japan and left brokers scrambling to redirect vehicles to other regions.
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Battery recycling firm 4R Energy has benefited from declining used electric car prices, like the Nissan Leaf, securing more supply.