Imports to South Korea slumped 25.4% year-over-year to USD 48.71 billion in July 2023, compared with market estimates of a 24.6% fall and following an 11.7% drop a month earlier, flash data showed. This was the sixth contraction in purchases so far this year and the steepest pace since August 2009, dragged down by a 47.0% plunge in energy imports. South Korea depends on purchases for most of its energy needs. Imports exceeded exports in the country from March 2022 through May 2023, due to high energy prices. source: Ministry of Trade, Industry & Energy (MOTIE)
Imports YoY in South Korea averaged 15.44 percent from 1967 until 2023, reaching an all time high of 115.60 percent in February of 1974 and a record low of -43.90 percent in July of 1998. This page includes a chart with historical data for South Korea Imports YoY. South Korea Imports YoY - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.