Is South Korea dependent on imports?
Important imported goods to South Korea showed great similarity to those in export trade, such as machinery and vehicles. Others were separate from these and were caused by the natural circumstances of the country. As a consequence of limited arable land, South Korea has increasingly turned to agricultural and other food imports to satisfy domestic demand and offer greater variety. In recent years, the number of countries from which Korea imports food has grown, spanning multiple continents. Similarly situated, but with an even stronger reliance on foreign supply, is the South Korean energy sector. The South Korean peninsula is one of the largest energy consumers around the world but cannot match its demand to domestic production. Despite attempts to diversify domestic energy production and finding success in that, South Korea still recorded an energy import dependence of over 92 percent in 2021. Major sources of energy imports consist of oil, gas, and other fossil fuels.Where do South Korean imports come from?
China has historically been a vital economic partner to South Korea. However, under the Yoon Seok-yul administration, South Korea has sought to break away from Chinese imports and diversify its import trade partners. In the midst of strained economic relations, tense rivalry between Washington and Beijing, and work toward greater self-reliance, China has also reduced imports from South Korea. Regardless, China remains a main trading partner and origin of South Koea's imports. In Asia, other important countries of origin for products brought to South Korea were Japan and Vietnam. Vietnam also placed third as a country of destination for exports, further emphasizing its value as a partner in bilateral trade. Aside from Asia, the U.S. was the most important import partner, reflecting once again both the rivalry and the importance of both China and the United States for the South Korean economy.
