South Korea Import Growth Remains Solid

South Korea’s imports rose 26.5% year-on-year to a fresh record of USD 68.56 billion in July 2026, slowing from a marginally revised 30.0% surge in the prior month but broadly in line with market forecasts of 26.6%, flash data showed. It marked the ninth consecutive month of import growth, supported by resilient domestic demand and a recovery in industrial activity as concerns over trade disruptions from the Middle East conflict eased. Looking ahead, import growth could remain solid, underpinned by stable energy supplies and sustained demand for capital goods and intermediate inputs, although a softer global economy and lingering trade uncertainties may temper the pace of expansion.

South Korea’s imports surged 30.1% year-on-year to a record peak of USD 66.10 billion in June 2026, accelerating from a 20.7% increase in the prior month, flash data showed. It marked the eighth consecutive month of import growth and the fastest pace since May 2022, underscoring resilient domestic demand despite lingering trade disruptions stemming from the Middle East conflict. Consumer spending remained supported by government stimulus measures introduced in April, while businesses continued to increase purchases of raw materials and capital goods. Looking ahead, imports are expected to remain resilient as fiscal support and a recovering domestic economy continue to underpin demand. However, the pace of growth is likely to moderate after June's exceptionally strong reading due to tougher base effects. At the same time, persistent geopolitical tensions and volatile energy prices could keep import values elevated, particularly for fuel and other commodity purchases.

South Korea’s imports jumped 20.8% yoy to USD 60.80 billion in May 2026, accelerating from a 16.7% rise in April, though slightly below market expectations of 21.5%, flash data showed. The increase marked the seventh straight month of growth and the strongest pace since August 2022, pointing to resilient domestic demand despite lingering trade disruptions linked to the Middle East conflict. Consumer spending was supported by government stimulus measures launched in April, including the nationwide “Donghaeng Festival,” which featured discount programs, digital vouchers, and partnerships with major retailers to boost consumption. Energy imports rose 15.9% to USD 11.75 billion. Although crude oil import volumes fell, their value surged 25% to USD 8.5 billion as higher global oil prices lifted import costs. Outside the energy sector, imports of semiconductor manufacturing equipment soared 71% to USD 2.56 billion, underscoring continued investment in the country’s key chip industry.