South Korea’s imports rose 20.8% year-on-year to USD 60.80 billion in May 2026, quickening from a 16.7% increase in April but coming in just below market expectations of 21.5%, flash data showed. This was the seventh consecutive month of growth and the fastest expansion since August 2022, highlighting resilient domestic demand despite ongoing trade disruptions related to the Middle East conflict.
Household spending was bolstered by government stimulus measures introduced in April, notably the nationwide “Donghaeng Festival,” which included discount schemes, digital vouchers, and collaborations with major retailers aimed at lifting consumption.
Energy imports climbed 15.9% to USD 11.75 billion. Although crude oil import volumes declined, the value of crude imports jumped 25% to USD 8.5 billion, as higher global oil prices pushed up import costs. Beyond the energy sector, imports of semiconductor manufacturing equipment surged 71% to USD 2.56 billion, reflecting continued investment in the country’s flagship chip industry.
