Imports to South Korea plummeted 21.1 percent year-on-year to USD 34.42 billion in May 2020, the lowest level since September 2016, compared with market forecasts of a 17.9 percent slump. It was also the largest decline in purchases since September 2015, as efforts to contain the coronavirus pandemic hit domestic demand. There was a sharp decline in energy imports led by crude oil (-68.4 percent), coal (-36.1 percent) and gas (-9.1 percent), while increases were seen in semiconductor-related imports such as semiconductor manufacturing equipment (167.8 percent).
Imports in South Korea averaged 13937.72 USD Million from 1966 until 2020, reaching an all time high of 48480.62 USD Million in October of 2018 and a record low of 38.61 USD Million in January of 1966. This page provides the latest reported value for - South Korea Imports - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. South Korea Imports - data, historical chart, forecasts and calendar of releases - was last updated on June of 2020. source: Ministry of Trade, Industry & Energy (MOTIE)
Imports in South Korea is expected to be 39800.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Imports in South Korea to stand at 45000.00 in 12 months time. In the long-term, the South Korea Imports is projected to trend around 45900.00 USD Million in 2021, according to our econometric models.
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South Korea Imports
In 2019 imports to South Korea dropped 6 percent to USD 503.2 billion from the previous year's all-time high, as domestic production and facility investment dwindled. Main imports were mineral fuels, mineral oils, bituminous substances (25 percent of total imports), electrical machinery and equipment (18 percent), nuclear reactors, boilers, machinery and mechanical (10 percent), optical, photographic, cinematographic, measuring (4 percent), road vehicles (3 percent), iron and steel (3 percent), ores, slag, ash (3 percent), organic chemicals (3 percent), plastics and articles thereof (2 percent), miscellaneous chemicals products (2 percent), and inorganic chemicals, compounds of precious metals (2 percent). China was the biggest source of imports (21 percent of total imports), followed by the US (12 percent), Japan (9 percent), Saudi Arabia, Vietnam, Australia and Germany (4 percent each), Taiwan, Russia and Qatar (3 percent each), and Kuwait, Malaysia, the UAE and Indonesia (2 percent each).