South Korea Balance of Trade

South Korea posted a trade surplus of USD 8.74 billion in January 2026, shifting from a USD 1.89 billion deficit a year earlier and surpassing expectations of a USD 4.6 billion surplus, according to preliminary data, as exports surged. Outbound shipments jumped 33.9% year-on-year to USD 65.85 billion, the strongest growth since August 2021, accelerating sharply from a downwardly revised 13.3% increase in December and exceeding forecasts of a 29.9% rise. The growth was mainly driven by robust demand for semiconductors, the country’s top export item, which soared 102.7% year-on-year on strong AI-related demand. The increase was also supported by a higher number of working days compared with January last year. It also marked the highest January figure on record and the first time January exports exceeded USD 60 billion. Meanwhile, imports rose 11.7% to USD 57.10 billion, following a 4.6% gain in December but coming in below expectations of 14.6% growth.