South Korea saw its exports of used cars fall sharply through May of 2014 from a year earlier, data showed Sunday, as the strong won against the U.S. dollar weighed down on their price competitiveness.

Shipments of local used cars totaled 103,928 units over the January-May period of 2014, down 18.4 percent from the 127,355 units posted last year, the Korea International Trade Association data showed.

Market watchers said the downward trend came as the won recently gained ground against the greenback. A stronger won inflicts foreign exchange losses and makes South Korean goods more expensive relative to those of rivals.

The local currency has already gained some 12 percent against the greenback in the past year, and the gain has further accelerated in recent months. This year, the won rose some 5 percent to the dollar through end-June. (Yonhap)