The most valuable South Korean imports also include aluminum. Machinery for making semi-conductors is another area where South Korea’s domestic supply lags demand, as is the case for medication mixes in dosage.
The following list shows on which product categories Korean importers spent the most. Unlike most information currently available on the web, the items below are detailed at the 4-digit tariff code level. This can help entrepreneurs identify more precisely which products in which South Korea has strong demand but competitive disadvantages compared with other nations. Innovation can transform these disadvantages into lucrative business opportunities.
For the most recent four-digit HTS code data, please see the link to South Korea’s Top 10 Imports article in the See also paragraph above Research Sources below.
Highest Value South Korean Import Products
Below are the 20 highest value import products delivered to South Korean importers in 2017. Shown within brackets is the year-over-year change in value for each imported product.
- Crude oil: US$59.6 billion (Up 34.5% from 2016)
- Integrated circuits/microassemblies: $33.4 billion (Up 11.6%)
- Machinery for making semi-conductors: $20.3 billion (Up 105.5%)
- Petroleum gases: $18.8 billion (Up 26.3%)
- Coal, solid fuels made from coal: $15.1 billion (Up 63.3%)
- Processed petroleum oils: $14.7 billion (Up 25.1%)
- Phone system devices: $13.3 billion (Up 9.8%)
- Cars: $9.7 billion (Up 3.5%)
- Computers, optical readers: $7.5 billion (Up 34.7%)
- Iron ores, concentrates: $5.5 billion (Up 34.5%)
- Solar power diodes/semi-conductors: $4.7 billion (Up 13.2%)
- Automobile parts/accessories: $4 billion (Up 2.8%)
- Liquid crystal/laser/optical tools: $4 billion (Up 44.6%)
- Copper ores, concentrates: $3.6 billion (Up 26.5%)
- Medication mixes in dosage: $3.4 billion (Down -1.8%)
- Aluminum (unwrought): $3.4 billion (Up 17.3%)
- Computer parts, accessories: $3.1 billion (Up 11.3%)
- Hot-rolled iron or non-alloy steel products: $3 billion (Up 6.2%)
- Insulated wire/cable: $2.9 billion (Up 4.4%)
- Other measuring/testing machines: $2.9 billion (Up 33.5%)
Among these product categories, machinery for making semi-conductors posted the greatest increase in South Korean import purchases with a 105.5% gain in value from 2016.
In second place was the coal and solid fuels made from coal category, improving 63.3% year over year.
South Korean imports of liquid crystal, laser or optical tools also showed a respectable appreciation in 2017 up 44.6% since 2016.
See also South Korea’s Top Trading Partners, South Korea’s Top 10 Exports and South Korea’s Top 10 Imports
Research Sources:
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on February 3, 2018
The World Factbook, Field Listing: Imports and World Population, Central Intelligence Agency. Accessed on February 3, 2018
Trade Map, International Trade Centre, www.intracen.org/marketanalysis. Accessed on February 3, 2018