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

Actual Previous Highest Lowest Dates Unit Frequency
34420.00 37942.85 48480.62 38.61 1966 - 2020 USD Million Monthly


Calendar GMT Actual Previous Consensus TEForecast
2020-03-01 12:00 AM Feb 1.4% -5.3% 0%
2020-04-01 12:00 AM Mar -0.3% 1.4% 1.3%
2020-05-01 12:00 AM Apr -15.9% -0.3% -17.1%
2020-06-01 12:00 AM May -21.1% -15.8% -17.9%


News Stream
South Korea Imports Tumble to 3-1/2-Year Low
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).
2020-06-01
South Korea Imports Slump 15.9% YoY
Imports to South Korea plummeted 15.9 percent year-on-year to USD 37.87 billion in April 2020, compared with market forecasts of a 17.1 percent slump and following a 0.3 percent fall in the prior month.
2020-05-01
South Korea Imports Fall Unexpectedly
Imports to South Korea declined by 0.3 percent year-on-year to USD 41.87 billion in March 2020, compared with market forecasts of a 1.3 percent rise and after a 1.4 percent increase in the prior month.
2020-04-01
South Korea Imports Rise Unexpectedly in February
Imports to South Korea increased 1.4 percent year-on-year to USD 37.2 billion in February 2020, rebounding from a 5.3 percent drop in the previous month and compared to market expectations of a flat reading.
2020-03-01

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).
South Korea Imports by Country Last Previous
China 9618000.00 8949198.00 USD THO Apr/20
United States 5010000.00 5388396.00 USD THO Apr/20
European Union 4539000.00 5443149.00 USD THO Apr/20
Japan 3988000.00 4396696.00 USD THO Apr/20
Germany 1851787.00 1986385.00 USD THO Apr/20
Australia 1524242.00 1577849.00 USD THO Apr/20
Taiwan 1265093.00 1480204.00 USD THO Apr/20
Saudi Arabia 944301.00 1659317.00 USD THO Apr/20
Russia 740691.00 1350199.00 USD THO Apr/20
Qatar 703211.00 692507.00 USD THO Apr/20
Singapore 636925.00 639471.00 USD THO Apr/20
Indonesia 633814.00 756386.00 USD THO Apr/20
Malaysia 578640.00 772903.00 USD THO Apr/20
Mexico 471763.00 587049.00 USD THO Apr/20
France 450670.00 496499.00 USD THO Apr/20
India 439000.00 501207.00 USD THO Apr/20
Kuwait 437584.00 509220.00 USD THO Apr/20
Thailand 421537.00 463017.00 USD THO Apr/20
Canada 400867.00 372259.00 USD THO Apr/20
Italy 399680.00 535289.00 USD THO Apr/20
South Korea Imports by Category Last Previous
Crude Materials & Fuels 16999000.00 19977000.00 USD THO Apr/20
Capital Goods 14063000.00 15196000.00 USD THO Apr/20
Consumer Goods 6880000.00 6926000.00 USD THO Apr/20
Crude Materials & Fuels - Fuel 6496000.00 8942000.00 USD THO Apr/20
Chemicals 3967000.00 4334000.00 USD THO Apr/20
Semi-conductor 3758000.00 4301000.00 USD THO Apr/20
Crude Petroleum 3087000.00 4794000.00 USD THO Apr/20
Consumer Goods - Durable Consumer Goods 2975000.00 2781000.00 USD THO Apr/20
Information & Communication Equipment 2420000.00 2389000.00 USD THO Apr/20
Crude Materials & Fuels - Minerals 1877000.00 1736000.00 USD THO Apr/20
Capital Goods - Transport Equipment 1035000.00 859000.00 USD THO Apr/20
Consumer Goods - Cereals 612000.00 584000.00 USD THO Apr/20
Crude Materials & Fuels - Textile 305000.00 352000.00 USD THO Apr/20
Crude Materials & Fuels - Oilpaper 115000.00 134000.00 USD THO Apr/20
Consumer Goods - Durable Cons Goodsgold 42000.00 68000.00 USD THO Apr/20
Domestic Use 26695.00 28128.00 USD Million Apr/20
Capital Goods - Domestic Use 9404.00 9934.00 USD Million Apr/20
Consumer Goods - Domestic Use 6613.00 6593.00 USD Million Apr/20
Capital Goods - Use 4659.00 5262.00 USD Million Apr/20
Fuels - Use 3311.00 5135.00 USD Million Apr/20

United Nations Comtrade Database
Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category