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By June 2023, South Korea had signed 21 free trade agreements with 59 countries (regions), among which the Regional Comprehensive Economic Partnership (RCEP) officially took effect on February 1, 2022. South Korea is one of the 14 member countries of the Indo-Pacific Economic Framework. Additionally, in 2021, South Korea formally initiated the domestic procedures to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and has substantially completed negotiations to join the Digital Economy Partnership Agreement (DEPA).
Over the past five years, South Korea's import and export growth has accelerated, with an average annual growth rate of 5.08%, surpassing the long-term average growth rate. Long-term trends show that from 2012 to 2023, South Korea's average annual import and export growth was 1.64%, exhibiting a trend of initial increase followed by a decline, with the peak occurring in 2022. In March 2024, South Korea's imports decreased by 12.3% year-on-year, estimated at -10.9%.
In terms of major categories, in 2023, South Korea's main imports were mineral products (Chapters 25-27), machinery and electrical equipment (Chapters 84-85), chemical products (Chapters 28-38), base metals (Chapters 72-83), transportation equipment (Chapters 86-89), and instruments and apparatus (Chapters 90-92), accounting for 29.94%, 28.43%, 9.62%, 7.01%, 4.28%, and 3.60%, respectively.
In terms of country and regional statistics, in 2023, among the main categories of South Korea's imports, mineral products had a higher proportion in trade imports from partners such as the United States, Australia, Saudi Arabia, the United Arab Emirates, and Malaysia. Machinery and electrical equipment had a higher proportion in trade imports from partners such as China, the United States, Japan, Vietnam, Taiwan (China), Germany, and Malaysia. Chemical products had the highest proportion in trade imports from China. Base metals had the highest proportion in trade imports from Japan. Transportation equipment had a higher proportion in trade imports from partners such as Germany. Instruments and apparatus had the highest proportion in trade imports from Germany.
Blooming Trade Data provides detailed information on South Korean Import B/L (bill of lading) Data, including product names (in English & Korean), South Korean importers (in English & Korean), and foreign manufacturers' names (suppliers, exporters), ensuring continuous updates.
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