South Korea Import Growth Remains Solid

South Korea’s imports surged 26.0% year-on-year to a new record of USD 71.09 billion in September 2026, accelerating from a marginally revised 22.4% increase in the previous month and exceeding market expectations of 21.5%, flash data showed. It marked the 11th consecutive month of growth in purchases, driven by robust domestic industrial demand. Increased manufacturing activity in the semiconductor and AI sectors lifted demand for intermediate goods, while higher global oil and gas prices added to import costs. The import outlook is expected to remain solid through late 2026, as resilient manufacturing activity supports demand for raw materials and industrial inputs.

South Korea’s imports rose 22.5% year-on-year to USD 63.51 billion in August 2026, slowing from a 26.5% surge in the previous month and missing market forecasts of 24.7%, flash data showed. While marking the 10th consecutive month of import growth, the latest result pointed to the softest increase since May. The slowdown reflected a moderation in domestic demand, although strong semiconductor-related imports continued to support overall trade activity. Imports are likely to maintain solid growth in the near term, underpinned by robust chip demand and investment, though the pace may moderate as base effects strengthen and global trade conditions remain uncertain. Elevated energy prices could also keep the import bill high.

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.