From 2023 to 2024, South Korea’s overall spending on imported products slowed by -1.6% from $642.6 billion.
Based on the average exchange rate for 2024, the South Korean won has depreciated by -4.2% against the US dollar from 2023 to 2024. 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 2.52% in 2024 down from an average 3.597% for the prior year.
Best Customers for South Korean Exports
The latest available country-specific data shows that almost three-quarters (73%) of products imported into South Korea was bought by importers in: mainland China (22.1% of the Korean total), United States of America (11.5%), Japan (7.6%), Saudi Arabia (5%), Taiwan (4.8%), Australia (4.7%), Vietnam (4.5%), Germany (3.5%), United Arab Emirates (2.8%), Qatar (2.25%), Malaysia (2.21%) and Indonesia (2%).
From a continental perspective, over three-fifths (63.1%) of South Korea’s total imports by value in 2024 was purchased from fellow Asian countries. Trade partners in North America supplied 13.7% of South Korean import purchases while another 13% worth originated from Europe.
Smaller percentages came from providers in Oceania (5.2%) led by Australia and New Zealand, Latin America (3.1%) excluding Mexico but including the Caribbean, then Africa (1.8%).
Given South Korea’s population of 51.8 million people, its total $632.1 billion worth of imports during 2024 translates to about $12,200 in yearly product demand from every person in the east Asian country. That per-capita amount represents a slowdown compared to the average $12,500 one year earlier in 2023.
South Korea’s Top 10 Imports
The following product categories represent the highest dollar value in South Korea’s import purchases during 2024. Also shown is the percentage share each product category represents in terms of overall imports into South Korea.
- Mineral fuels including oil: US$162.2 billion (25.7% of total imports)
- Electrical machinery, equipment: $124.1 billion (19.6%)
- Machinery including computers: $66 billion (10.4%)
- Vehicles: $19.8 billion (3.1%)
- Optical, technical, medical apparatus: $22.8 billion (3.6%)
- Inorganic chemicals: $12.2 billion (1.9%)
- Ores, slag, ash: $19.2 billion (3%)
- Iron, steel: $14.2 billion (2.3%)
- Organic chemicals: $14.1 billion (2.2%)
- Plastics, plastic articles: $13.1 billion (2.1%)
South Korea’s top 10 import product categories generated nearly three-quarters (74%) of the overall value of its product purchases from other countries during 2024.
Imported machinery including computers resulted in South Korea’s leading spending increase, up a modest 4.7% from 2023.
Also posting foremost gains were South Korean imports of organic chemicals (up 4%) then electrical machinery and equipment (up 3.9%).
Double-digit declines for the above-listed import categories were the -43.3% setback for imported inorganic chemicals, the -13.5% reduction for imports of the metals iron and steel, and the -10.4% drop under the vehicles product grouping.
Please note that the results listed above are at the 2-digit Harmonized Tariff System code level.
Information presented under the sections below is 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 2024.
- Crude oil: US$85.4 billion (down -0.9% from 2023)
- Petroleum gases: $34.7 billion (down -15.7%)
- Processed petroleum oils: $24.8 billion (up 8.1%)
- Coal, solid fuels made from coal: $16.4 billion (down -18.3%)
- Coal tar oils (high temperature distillation): $583.8 million (down -15.3%)
- Petroleum oil residues: $82 million (down -14.1%)
- Distilled tar: $77.5 million (up 26.6%)
- Coke, semi-coke: $64.5 million (down -25.8%)
- Petroleum jelly, mineral waxes: $38.9 million (down -5.6%)
- Peat: $20 million (up 5.5%)
Among these import subcategories, South Korea’s purchases of distilled tar (up 26.6%), processed petroleum oils (up 8.1%) and peat (up 5.5%) grew from 2023 to 2024.
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 2024, South Korean importers spent the most on the following 10 subcategories of electronics products.
- Integrated circuits/microassemblies: US$60.5 billion (up 17% from 2023)
- Phone system devices: $9.7 billion (down -11.6%)
- Electric storage batteries: $5.2 billion (down -41.4%)
- Solar power diodes/semi-conductors: $5.1 billion (down -6.8%)
- Insulated wire/cable: $4.5 billion (up 4.3%)
- Electrical converters/power units: $4.1 billion (up 10.9%)
- Electric motors, generators: $3.4 billion (up 0.8%)
- Flat panel displays: $3 billion (up 9.2%)
- Printed circuits: $2.9 billion (up 2.6%)
- TV/radio/radar device parts: $2.4 billion (up 27.3%)
Among these import subcategories, South Korea’s purchases of television, radio or radar device parts (up 27.3%), electronic integrated circuits and microassemblies (up 17%) then electrical converters and power units (up 10.9%) grew at the fastest pace from 2023 to 2024.
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 2024, South Korean importers spent the most on the following 10 subcategories of machinery including computers.
- Machinery for making semi-conductors: US$18.7 billion (up 7.6% from 2023)
- Computers, optical readers: $8.4 billion (up 12.6%)
- Computer parts, accessories: $6.1 billion (up 22.8%)
- Air or vacuum pumps: $2.9 billion (down -0.9%)
- Taps, valves, similar appliances: $2.7 billion (up 0.3%)
- Turbo-jets: $2.7 billion (down -14.3%)
- Miscellaneous machinery: $2.1 billion (down -4.6%)
- Centrifuges, filters and purifiers: $1.83 billion (up 5.5%)
- Liquid pumps and elevators: $1.64 billion (down -1.3%)
- Temperature-change machines: $1.4 billion (up 7.3%)
Among these import subcategories, South Korea’s purchases of computer parts or accessories (up 22.8%), computers including optical readers (up 12.6%) and machinery for making semi-conductors (up 7.6%) grew at the fastest pace from 2023 to 2024.
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 Vehicles Imports
In 2024, South Korean importers spent the most on the following 10 subcategories of imported vehicles.
- Cars: US$12.1 billion (down -16.6% from 2023)
- Automobile parts/accessories: $5.2 billion (up 3%)
- Trucks: $583.2 million (up 2.1%)
- Motorcycles: $373 million (down -17.6%)
- Tractors: $303.6 million (down -29.4%)
- Public-transport vehicles: $261.9 million (up 6.8%)
- Trailers: $202.8 million (up 7.1%)
- Special purpose vehicles: $190.7 million (up 67.9%)
- Armored vehicles, tanks: $189.3 million (up 66.7%)
- Motorcycle parts/accessories: $122.8 million (down -8.6%)
Among these import subcategories, South Korea’s purchases of special purpose vehicles (up 67.9%), armored vehicles including tanks (up 66.7%) and trailers (up 7.1%) grew at the fastest pace from 2023 to 2024.
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 March 28, 2025
International Trade Centre, Trade Map. Accessed on March 28, 2025
X-rates.com, Exchange Rates: South Korean Won to US Dollar (monthly average 2024). Accessed on March 28, 2025