South Korea Import Growth Below Estimates

South Korea’s imports rose 7.5% yoy to USD 51.94 billion in February 2026, slowing from an 11.6% expansion in the previous month and falling short of market estimates of 13%, a flash reading showed. Still, the latest result marked the fourth successive month of purchases, lifted by sustained domestic demand ahead of the Lunar New Year festival. Crude oil imports declined 11.4%, amid relatively stable international oil prices in the first two months of the year.

South Korea’s imports grew 11.7% year-on-year to USD 57.1 billion in January 2026, following a 4.6% increase in the previous month and coming in below market expectations of a 14.6% gain, according to flash data. It marked the third consecutive month of import growth and the fastest increase since September 2022. Non-energy imports rose 18.4% from a year earlier to USD 47.08 billion, while energy imports fell 11.9% to USD 10.03 billion. In 2025, imports edged down 0.02% to USD 631.7 billion.

South Korea’s imports climbed 4.6% year-on-year to a 33-month high of USD 57.40 billion in December 2025, after a downwardly revised 1.1% increase in the previous month and exceeding market expectations of a 2.4% gain, flash data showed. It was the second consecutive month of growth, supported by higher non-energy imports, such as semiconductor manufacturing equipment. In contrast, energy imports fell due to lower oil prices. For the full year of 2025, imports edged down 0.02% to USD 631.7 billion. The country relies heavily on energy purchases from abroad, making it the world’s eighth-largest consumer. In 2024, imports fell 1.6% from the previous year to USD 632.0 billion.