Latest reading: In May, the trade balance was USD -5.2 billion, following a USD -4.0 billion figure in the previous...
Merchandise Imports in Korea
Merchandise imports in Korea were worth USD 632 billion in 2024, compared to USD 526 billion ten years earlier, and they averaged USD 543 billion over the last decade. For more information on imports, visit our dedicated page.
Korea Merchandise Imports Chart
Note: This chart displays Imports (USD billion) for Korea from 2014 to 2025.
Source: Macrobond.
Korea Merchandise Imports Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Merchandise Imports (USD bn) | 615 | 731 | 643 | 632 | 628 |
| Merchandise Imports (ann. var. %) | 31.5 | 18.9 | -12.1 | -1.7 | -0.6 |
Merchandise trade surplus widens in May
Latest reading: In May, the trade balance was USD +26.9 billion, following a USD +23.8 billion figure in the prior month. Over the last 12 months, the trade balance summed to USD +160.9 billion. Merchandise exports were up 53.2% in annual terms in May, coming on the back of 48.0% growth in the previous month. Exports exceeded USD 80 billion for the third straight month, mainly driven by a surge in semiconductor shipments, with semiconductor sales soaring 169.4% to a record USD 37.16 billion, lifted by strong AI investment. Merchandise imports were up 20.8% in annual terms in May, following 16.7% growth in the prior month. May's reading was the strongest since August 2022.
Panelist insight: Commenting on the reading, Jeong Woo Park, analyst at Nomura stated: “Korea’s export engine is running very hot, but with a narrow high-powered core: AI-related semiconductors, storage and infrastructure, while exports outside semiconductors are struggling with weak demand and geopolitical disruptions. Indeed, although higher oil prices lifted exports of oil-related products, the volume growth plunged. ”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Korean merchandise imports projections for the next ten years from a panel of 5 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable merchandise imports forecast available for Korean merchandise imports.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Korean merchandise imports projections.
Want to get access to the full dataset of Korean merchandise imports forecasts? Send an email to info@focus-economics.com.
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