South Korea Import Growth at 3-1/2-Year High

South Korea’s imports rose 16.7% year-on-year to the second-highest on record of USD 62.11 billion in April 2026, accelerating from a 13.2% growth in the previous month and topping market forecasts of 14.5%, according to flash data. The latest result marked a sixth straight month of expansion in inbound shipments and the fastest pace since September 2022, indicating robust domestic demand despite trade flow disruptions tied to the Middle East conflict, with support from Seoul’s successive rounds of household and business stimulus last year. Import growth may stay supported in the near term by solid domestic consumption and restocking needs, though volatility in energy markets and lingering geopolitical risks could lead to uneven trade flows in the coming months.

South Korea’s imports rose 13.2% year-on-year to USD 60.4 billion in March 2026, the highest amount since September 2022, accelerating from a 7.5% growth in the previous month, according to flash data. The latest result marked a fifth straight month of expansion in inbound shipments, boosted by robust domestic demand after Seoul's multiple rounds of household and business support measures in 2025. However, the pace of import growth was below market forecasts of a 18% gain, partly reflecting lingering uncertainty tied to Middle East tensions. The Iran conflict has driven up global crude oil prices, increasing import bills for energy-reliant South Korea and adding to inflation risks. At the same time, heightened volatility has prompted some firms to delay or scale back orders, tempering overall import growth.

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.