From 2021 to 2022, South Korea’s overall spending on imported products accelerated by 18.9% from $615 billion.
Based on the average exchange rate for 2022, the South Korean won has depreciated by -17.4% against the US dollar since 2018 and diluted by -12.9% from 2021 to 2022. The Republic of South Korea’s weaker local currency made South Korean imports paid for in stronger US dollars relatively more expensive when converted starting from the won.
Domestically, South Korean inflation in terms of its average consumer prices rose 5.486% in 2022.
Best Customers for South Korean Exports
The latest available country-specific data shows that 70.8% of products imported into South Korea were supplied by exporters in: mainland China (35.6% of the South Korean global total), United States of America (7.5%), Japan (5.2%), Australia (5.1%), Saudi Arabia (4%), Taiwan (2.8%), Vietnam (2.7%), Germany (2.2%), Qatar (also 2.2%), Indonesia (1.8%), United Arab Emirates (1.7%) and Malaysia (1.3%).
From a continental perspective, over three-fifths (61%) of South Korea’s total imports by value in 2022 were purchased from fellow Asian countries. North American trade partners supplied 13.7% of import purchases by South Korea while another 13.2% worth originated from Europe.
Smaller percentages came from Oceania (6.8%) led by Australia, Latin America (3.3%) excluding Mexico but including the Caribbean, then Africa (2.1%).
Given South Korea’s population of 51.6 million people, its total $731.4 billion worth of imports during 2022 translates to an estimated $14,200 in yearly product demand from every person in the east Asian country. That per-capita amount represents an upturn compared to the average $11,900 one year earlier in 2021.
South Korea’s Top 10 Imports
The following product categories represent the highest dollar value in South Korea’s import purchases during 2022. Also shown is the percentage share each product category represents in terms of overall imports into South Korea.
- Mineral fuels including oil: US$218.7 billion (29.9% of total imports)
- Electrical machinery, equipment: $131.8 billion (18%)
- Machinery including computers: $68.4 billion (9.4%)
- Optical, technical, medical apparatus: $22.7 billion (3.1%)
- Ores, slag, ash: $21.9 billion (3%)
- Vehicles: $21.7 billion (3%)
- Inorganic chemicals: $20 billion (2.7%)
- Iron, steel: $18.9 billion (2.6%)
- Organic chemicals: $16.1 billion (2.2%)
- Plastics, plastic articles: $13.8 billion (1.9%)
South Korea’s top 10 imports generated more than three-quarters (75.7%) of the overall value of its product purchases from other countries during 2022.
Imported inorganic chemicals benefited in South Korea’s greatest spending increase, up 81.6% from 2021.
Also posting double-digit gains were South Korean imports of mineral fuels including oil (up 59%), and electrical machinery and equipment (up 14.8%).
The severest decline for the above-listed import categories was the -11.1% drop for the ores, slag and ash product grouping. For example, South Korea’s purchases of imported iron ores and concentrates decreased by -26.1% from 2021.
Please note that the results listed above are at the 2-digit Harmonized Tariff System code level.
Sharpening our focus to the more detailed 4-digit Harmonized Tariff System code level, South Korea’s most valuable imported products are crude oil, electronic integrated circuits and microassemblies, petroleum gases, coal including solid fuels made from coal, and processed petroleum oils. Collectively, that leading cohort represents 38.2% of South Korean spending on imported goods in 2022.
Information presented under the sections below is also at the more granular 4-digit level.
South Korea’s Main Mineral Fuels Imports
South Korean importers spent the most on the following 10 subcategories of mineral fuels-related products during 2022.
- Crude oil: US$106 billion (up 58.1% from 2021)
- Petroleum gases: $56.7 billion (up 84%)
- Coal, solid fuels made from coal: $28.2 billion (up 93.8%)
- Processed petroleum oils: $26.3 billion (up 11.9%)
- Coal tar oils (high temperature distillation): $973.9 million (down -7%)
- Petroleum oil residues: $191.3 million (up 227.4%)
- Coke, semi-coke: $152.5 million (up 11.6%)
- Distilled tar: $46.7 million (up 8%)
- Petroleum jelly, mineral waxes: $45.3 million (up 4.1%)
- Asphalt/petroleum bitumen mixes: $37.3 million (down -86.2%)
Among these import subcategories, South Korea’s purchases of petroleum oil residues (up 227.4%), coal including solid fuels made from coal (up 93.8%) and petroleum gases (up 84%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage changes within parenthesis clearly show where the strongest demand lies for different types of imported fuel among Korean businesses and consumers.
South Korea’s Main Electronics Imports
In 2022, South Korean importers spent the most on the following 10 subcategories of electronics products.
- Integrated circuits/microassemblies: US$62.4 billion (up 24% from 2021)
- Phone devices including smartphones: $12.4 billion (down -8.4%)
- Electric storage batteries: $6.1 billion (up 66.1%)
- Solar power diodes/semi-conductors: $6 billion (down -4.8%)
- Electric motors, generators: $4.4 billion (up 23.9%)
- Insulated wire/cable: $4 billion (up 13.3%)
- Printed circuits: $3.6 billion (up 14.9%)
- Unrecorded sound media: $3.5 billion (up 23.9%)
- Electrical converters/power units: $3.3 billion (up 8.7%)
- Unrecorded sound media: $2.8 billion (2021 data unavailable)
Among these import subcategories, South Korea’s purchases of electric storage batteries (up 66.1%), electronic integrated circuits and microassemblies (up 24%) then electric motors and generators (up 23.9%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Korean businesses and consumers.
South Korea’s Main Machinery Imports
In 2022, South Korean importers spent the most on the following 10 subcategories of machinery including computers.
- Machinery for making semi-conductors: US$20.1 billion (down -9.3% from 2021)
- Computers, optical readers: $9.5 billion (down -2.6%)
- Computer parts, accessories: $6.2 billion (up 22.4%)
- Air or vacuum pumps: $3 billion (up 11.4%)
- Taps, valves, similar appliances: $2.9 billion (up 5.1%)
- Miscellaneous machinery: $2.3 billion (down -6.5%)
- Centrifuges, filters and purifiers: $1.9 billion (up 5.5%)
- Turbo-jets: $1.8 billion (up 10%)
- Liquid pumps and elevators: $1.6 billion (up 4.2%)
- Piston engine parts: $1.3 billion (up 8.4%)
Among these import subcategories, South Korea’s purchases of computer parts or accessories (up 22.4%), air or vacuum pumps (up 11.4%) and turbo-jets (up 10.0%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Korean businesses and consumers.
South Korea’s Main Optical, Technical and Medical Imports
In 2022, South Korean importers spent the most on the following 10 subcategories of optical, technical and medical imported products.
- Other measuring/testing machines: US$4.2 billion (down -1.5% from 2021)
- Electro-medical equipment (e.g. xrays): $2.5 billion (down -0.5%)
- Physical/chemical analysis tools: $2.4 billion (up 5.7%)
- Oscilloscopes, spectrum analyzers: $2.4 billion (up 3.5%)
- Optical fiber cables, sheets, plates: $1.6 billion (down -8.4%)
- Lenses, prisms, mirrors: $1.5 billion (up 11.8%)
- Regulate/control instruments: $1.3 billion (up 6.7%)
- Orthopedic appliances: $1.02 billion (up 1.8%)
- Liquid crystal/laser/optical tools: $1 billion (down -7.7%)
- Liquid/gas checking instruments: $884.4 million (up 2.4%)
Among these import subcategories, South Korea’s purchases of lenses, prisms and mirrors (up 11.8%), regulating and controlling instruments (up 6.7%) then physical or chemical analysis tools (up 5.7%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported optical, technical and medical products among Korean businesses and consumers.
See also South Korea’s Top 10 Major Export Companies, South Korea’s Top Trade Partners, South Korea’s Top 10 Exports and Top South Korean Trade Balances
Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed April 9, 2023
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 9, 2023
International Trade Centre, Trade Map. Accessed on April 9, 2023