South Korea Trade Balance Swings to Surplus

South Korea posted a trade surplus of USD 8.74 billion in January 2026, shifting from a USD 1.89 billion deficit a year earlier and surpassing expectations of a USD 4.6 billion surplus, according to preliminary data, as exports surged. Outbound shipments jumped 33.9% year-on-year to USD 65.85 billion, the strongest growth since August 2021, accelerating sharply from a downwardly revised 13.3% increase in December and exceeding forecasts of a 29.9% rise. The growth was mainly driven by robust demand for semiconductors, the country’s top export item, which soared 102.7% year-on-year on strong AI-related demand. The increase was also supported by a higher number of working days compared with January last year. It also marked the highest January figure on record and the first time January exports exceeded USD 60 billion. Meanwhile, imports rose 11.7% to USD 57.10 billion, following a 4.6% gain in December but coming in below expectations of 14.6% growth.

South Korea’s trade surplus widened to USD 12.18 billion in December 2025, up from USD 6.49 billion a year earlier and surpassing expectations of USD 10 billion, according to preliminary data. It was the largest monthly trade surplus since April 2017, as exports rose much more than imports. Outbound shipments surged 13.4% from a year earlier to a record USD 69.58 billion, the strongest growth since July 2024, accelerating from an 8.4% rise in November and exceeding forecasts of an 8.3% increase. The gains were mainly driven by a 43.2% surge in semiconductor exports, amid easing concerns over global trade uncertainty. Meanwhile, imports climbed 4.6% to an all-time high of USD 57.40 billion, following a downwardly revised 1.1% rise in November and topping market expectations of a 2.4% gain. For the full year of 2025, the country posted a trade surplus of USD 78 billion, with exports rising 3.8% to a record USD 709.7 billion, while imports edged down 0.02% to USD 631.7 billion.

South Korea’s trade surplus widened to USD 9.74 billion in November 2025, up from USD 5.61 billion a year earlier and surpassing expectations of USD 8.4 billion, according to preliminary data. It was the largest trade surplus since September 2017, as exports rose much more than imports. Exports grew 8.4% yoy, accelerating from a downwardly revised 3.5% rise in October and exceeding forecasts of a 5.7% increase, marking the sixth consecutive month of export growth. The rise was supported by robust demand for semiconductors, the country’s top export item, which surged 38.6% yoy to a record high of USD 17.26 billion. Overall, exports to the US fell 0.2% due to the impact of new US tariffs, while exports to China rose 6.9%. Last month, South Korea and the US announced they would reduce reciprocal tariffs from 25% to 15%, while tariffs on automobiles and auto parts will remain at 25%. Meanwhile, imports rose 1.2%, rebounding from a 1.5% fall in October and below forecasts of 3.4% growth.