Imports to South Korea plummeted 11.4 percent year-on-year to USD 35.5 billion in June 2020, compared with market forecasts of a 9.6 percent slump, amid efforts to contain the coronavirus pandemic.

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 July of 2020. source: Ministry of Trade, Industry & Energy (MOTIE)

Imports in South Korea is expected to be 40500.00 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
35500.00 34420.00 48480.62 38.61 1966 - 2020 USD Million Monthly

Calendar GMT Actual Previous Consensus TEForecast
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%
2020-07-01 01:00 AM Jun -11.4% -21.1% -9.6%

News Stream
South Korea Imports Fall More than Expected
Imports to South Korea plummeted 11.4 percent year-on-year to USD 35.5 billion in June 2020, compared with market forecasts of a 9.6 percent slump, amid efforts to contain the coronavirus pandemic.
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).
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.
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.

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 8905000.00 8990000.00 USD THO Jun/20
European Union 4918000.00 4918000.00 USD THO Jun/20
United States 4562000.00 4263000.00 USD THO Jun/20
Japan 3572000.00 3102000.00 USD THO Jun/20
Germany 1719873.00 1851787.00 USD THO May/20
Australia 1385429.00 1524242.00 USD THO May/20
Taiwan 1259161.00 1265093.00 USD THO May/20
Netherlands 908241.00 319996.00 USD THO May/20
Russia 717900.00 740691.00 USD THO May/20
Saudi Arabia 699508.00 944301.00 USD THO May/20
Malaysia 592189.00 578640.00 USD THO May/20
Qatar 584806.00 703211.00 USD THO May/20
Singapore 568692.00 636925.00 USD THO May/20
Indonesia 554504.00 633814.00 USD THO May/20
Mexico 515963.00 471763.00 USD THO May/20
Brazil 417910.00 331878.00 USD THO May/20
Italy 404719.00 399680.00 USD THO May/20
France 394780.00 450670.00 USD THO May/20
Thailand 392338.00 421537.00 USD THO May/20
Kuwait 370026.00 437584.00 USD THO May/20
South Korea Imports by Category Last Previous
Capital Goods 14097000.00 14063000.00 USD THO May/20
Crude Materials & Fuels 13746000.00 16999000.00 USD THO May/20
Consumer Goods 6612000.00 6880000.00 USD THO May/20
Crude Materials & Fuels - Fuel 4903000.00 6496000.00 USD THO May/20
Semi-conductor 4010000.00 3758000.00 USD THO May/20
Chemicals 3407000.00 3967000.00 USD THO May/20
Consumer Goods - Durable Consumer Goods 2803000.00 2975000.00 USD THO May/20
Information & Communication Equipment 2388000.00 2420000.00 USD THO May/20
Crude Petroleum 1897000.00 3087000.00 USD THO May/20
Crude Materials & Fuels - Minerals 1414000.00 1877000.00 USD THO May/20
Capital Goods - Transport Equipment 711000.00 1035000.00 USD THO May/20
Consumer Goods - Cereals 602000.00 612000.00 USD THO May/20
Crude Materials & Fuels - Textile 269000.00 305000.00 USD THO May/20
Crude Materials & Fuels - Oilpaper 92000.00 115000.00 USD THO May/20
Consumer Goods - Durable Cons Goodsgold 36000.00 42000.00 USD THO May/20
Domestic Use 24829.00 26695.00 USD Million May/20
Capital Goods - Domestic Use 9293.00 9404.00 USD Million May/20
Consumer Goods - Domestic Use 6369.00 6613.00 USD Million May/20
Capital Goods - Use 4804.00 4659.00 USD Million May/20
Semi-conductor - Use 3206.00 2920.00 USD Million May/20

United Nations Comtrade Database
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