South Korea's ranking in the US import market fell to 9th last year, a drop of two spots from the previous year, as imports from South Korea declined by 5.9%.
South Korea has dropped two places to 9th in the US import market ranking for the last year, with imports amounting to $113.4 billion from January to November. This figure marks a 5.9% decrease compared to the same period in the previous year, demonstrating a significant drop in the market share held by South Korean products, which accounted for only 3.6% of total imports, the lowest percentage since 1988.
The report analyzed by the Korea International Trade Association shows that South Korea was outpaced by countries like Mexico, Canada, and China, which occupy the top spots in US imports. Notably, this decline in ranking is attributed to various factors including the impact of tariffs imposed by former President Donald Trump, which have significantly affected South Korea’s exports to the US. The increasing trend of local production in the automotive sector and the rise of protectionist policies in the US are also believed to contribute to this shrinking market presence.
In light of overall export performance, South Korea reported that exports exceeded $700 billion for the first time last year. However, the decline in exports to the US and the corresponding drop in the US market ranking may also indicate a broader strategy to diversify export markets. While exports to China fell slightly, exports to the ASEAN region saw a 7.4% increase, reflecting a shift towards emerging markets and away from reliance on the US market.
