The blockade of the Hormuz Strait, initiated by escalating tensions between the US, Israel, and Iran, has sparked alarm among South Korean secondhand car exporters, notably affecting those like Woo Sang-taek in Incheon. Woo had shipped 100 secondhand cars intended for Dubai, but as the situation developed into a war, his shipment is now stalled near the strait, leaving him anxious about receiving payment and the potential forced offloading of his goods due to the shipping company’s policies.

With the conflict now extending beyond two weeks, the wider secondhand car export market is expressing deep concern, particularly because a substantial proportion—35%—of South Korea's total secondhand car exports are directed towards the Middle East. The total export volume last year reached 880,000 vehicles, amounting to an estimated 12 trillion won. The ongoing war is now threatening this vital export channel, and exporters are worried about the long-term implications should the conflict prolong.

Additionally, rising fuel prices and fluctuating exchange rates due to the war have exacerbated the situation. Shipping companies have begun imposing additional fees for transporting vehicles, especially those already shipped, creating further financial strain on exporters. As some shipping companies halt bookings for routes to the Middle East, including Libya, Turkey, and Syria, the imminent shipments planned for March are particularly at risk, leading to significant uncertainty for South Korea’s secondhand car export industry.