The Republic of Korea is an East Asian nation with 51.8 million residents. Almost half of South Korea’s population lives within the metropolitan area shared with its capital city, Seoul.

South Korea is strategically located in the south portion of the Korean Peninsula, sharing its northern land border with North Korea.

From a linguistic perspective, South Korea’s official language is Pyojuneo (Korean). However, the great majority of Korean students learn English at school with some also choosing Japanese or Mandarin.

South Korea has the 14th richest economy on the planet in terms of Gross Domestic Product (GDP) on a Purchasing Power Parity basis, producing $2.437 trillion worth of products and services as of April 2021.

The East Asian country’s demand for imported goods resulted in a subtotal US$145.2 billion worth of South Korean spending on the 100 most valuable consumer products imported into the East Asian country during 2020.

That consumer-specific dollar amount represents under a third (31.1%) of the overall value of all goods imported into South Korea. The overall spending on all South Korean imports, including raw materials, intermediate products and semi-finished goods, totaled $467.5 billion in 2020.

Among South Korea’s most valuable consumer products in 2020 are: refined petroleum oils; phone devices including smartphones; cars; coal; and computers.

Spending on South Korea’s top 100 imported consumer products fell by -5.4% from 2019 to 2020. South Korea’s top 100 consumer metric was less severe than the -7.1% downtick for all of South Korea’s imported goods over the latest annual period.

The deceleration in South Korean spending for imported consumer products was not as bad as the global average from 2019 to 2020, which was an average drop of -8.2% for all importing countries around the world.

Among the top 100 consumer products imported by South Korea, 53 increased in total value from 2019 to 2020 whereas 47 declined. Changes in South Korean consumer demand for essential imports offer future opportunities for international suppliers who correctly anticipate which upward or downward trends will continue.

Consumer Products Defined

Economics educator BoyceWire defines a consumer product as a final good or end product that a business creates for consumers to buy. For example, consumers often purchase refined petroleum oil at the gas station while imported crude oil is an intermediate good subject to further processing before being sold to end users.

Although there may be a few wealthy individual buyers, products like turbojets are excluded from the consumer products targeted by this study. That is because turbojets are usually purchased by corporations. In contrast, it is common for a consumer to buy a motorcycle.

Types of Consumer Products

This article focuses on 3 distinct consumer product types.

Convenience Products are easy to access, non-durable, have relatively lower prices and therefore consumers frequently purchase them. Examples of convenience products are food, alcoholic or non-alcoholic drinks, and soap.

Shopping Products are not as easily available, involve more time to make a buying decision, are durable and are not bought as often as most convenience products. A great example of a shopping product is a mobile phone where buying the wrong model is a much more expensive mistake than buying a disappointing loaf of bread.

Speciality Products describe another consumer product type. This grey area includes infrequently purchased, expensive, durable and sometimes rare items. Consumers may consider the product’s brand image when making their purchase decisions. Some examples of speciality products are gold, silver, diamonds, jewelry, and branded refrigerators and dishwashers.

South Korea’s Most Valuable Imported Convenience Products

The list below showcases the most valuable imported convenience products on which buyers in South Korea spent the most. Items were selected at the four-digit Harmonized System tariff classification code level and are presented in descending order.

You can also peruse the greatest increases or decreases in product values from 2019 to 2020 by focusing on the percentages displayed to the right of each product name.

Processed petroleum oils: US$12,738,219,000 (down -25.9%)
Coal, solid fuels made from coal: $9,489,648,000 (down -32.7%)
Medications: $4,184,891,000 (up 4.7%)
Corn: $2,370,922,000 (up 0.8%)
Other food preparations: $1,960,361,000 (up 11.5%)
Frozen beef: $1,917,117,000 (down -6.7%)
Swine meat: $1,382,254,000 (down -13.6%)
Miscellaneous plastic items: $1,343,715,000 (up 13.1%)
Whole fish (frozen): $1,188,737,000 (down -8.1%)
Crustaceans (including lobsters): $1,137,173,000 (down -5.3%)
Plastic packing goods, lids, caps: $1,015,141,000 (up 1.9%)
Fresh or chilled beef: $978,928,000 (up 12.8%)
Moluscs: $964,684,000 (up 1.5%)
Coffee: $737,803,000 (up 11.5%)
Sugar (cane or beet): $646,064,000 (up 2.6%)
Cheese, curd: $629,009,000 (up 13.3%)
Soya beans: $604,157,000 (up 8.5%)
Fish fillets, pieces: $584,136,000 (up 0.3%)
Crustaceans, molluscs (prepared): $520,900,000 (down -3.1%)
Fuel wood, wood chips, sawdust: $429,948,000 (down -9%)
Palm oil: $404,405,000 (up 16%)
Other organic cleaning preparations: $381,070,000 (up 0.5%)
Rice: $375,415,000 (up 36.9%)
Miscellaneous preserved fruits: $360,176,000 (down -0.7%)
Bread, biscuits, cakes, pastries: $348,408,000 (up 2.5%)
Wine: $330,075,000 (up 27.3%)
Chocolate, other cocoa preparations: $326,709,000 (down -0.3%)
Prepared vegetables (non-frozen): $316,763,000 (up 10.7%)
Soya-bean oil: $312,347,000 (up 18.6%)
Miscellaneous nuts: $295,028,000 (down -3%)
Vegetable saps, extracts: $293,326,000 (up 16%)
Other pharmaceutical preparations: $291,856,000 (down -1.2%)
Aluminum foil: $287,749,000 (down -1.9%)
Bananas, plantains: $275,864,000 (down -8.5%)
Frozen vegetables: $266,247,000 (up 7.1%)
Poultry meat: $264,195,000 (down -9.9%)

Convenience products led by the products listed above represent the Asian country’s second-most popular import product type attracting Ireland’s international spending behind shopping products but ahead of speciality goods.

Non-durable consumer products are goods that are not re-used once consumed. Alcoholic beverages and bananas are examples of non-durable goods. Convenience products are uniquely non-durable consumer products.

South Korea’s Most Valuable Imported Shopping Products

Below, the list highlights the most valuable imported shopping products on which buyers in South Korea spent the greatest amounts. Items were selected at the four-digit Harmonized System tariff classification code level and are presented from highest to lowest total amounts.

The percentages displayed to the right of each product name reveal the highest increases or decreases in Korean spending on that specific type of shopping product from 2019 to 2020.

Phones: US$12,137,163,000 (down -5.5%)
Cars: $12,060,521,000 (up 8.5%)
Computers, optical readers: $7,574,457,000 (up 13%)
Computer parts, accessories: $5,196,404,000 (down -15.3%)
Automobile parts/accessories: $4,048,435,000 (up 4.7%)
Insulated wire/cable: $3,044,625,000 (up 0.8%)
Cases, handbags, wallets: $2,950,323,000 (up 5.5%)
Electrical converters/power units: $2,535,798,000 (up 2%)
Unrecorded sound media: $2,308,704,000 (up 47.6%)
Lower-voltage switches, fuses: $2,213,750,000 (down -2.2%)
Miscellaneous iron or steel items: $1,846,577,000 (down -3.7%)
Hot-roll iron/non-alloy steel items: $1,822,401,000 (down -33.9%)
Seats (not barber/dentist chairs): $1,465,771,000 (up 12.2%)
Women’s clothing (not knit/crochet): $1,199,044,000 (down -12.1%)
Printing machinery: $1,178,031,000 (down -4.7%)
Footwear (leather): $1,108,211,000 (down -4.2%)
Miscellaneous furniture: $1,081,939,000 (up 11.3%)
Footwear (textile): $1,049,908,000 (down -0.1%)
Jerseys, pullovers (knit or crochet): $1,023,547,000 (down -5.7%)
Rubber tires (new): $982,264,000 (up 2.9%)
Sports equipment: $966,970,000 (up 11.5%)
Men’s suits (unknit/non-crochet): $877,775,000 (down -13.4%)
Women’s coats (unknit/non-crochet): $837,650,000 (down -29.3%)
T-shirts, vests (knit or crochet): $824,434,000 (down -11.9%)
Orthopedic appliances: $814,564,000 (down -0.5%)
Miscellaneous textile items: $811,931,000 (up 177.3%)
Microphones/headphones/amps: $742,135,000 (down -3.2%)
Miscellaneous toys: $737,603,000 (down -3.8%)
Men’s coats (unknit/non-crochet): $719,857,000 (down -27.8%)
Footwear (rubber or plastic): $716,351,000 (down -12.3%)
Wrist/pocket watches (regular case): $544,230,000 (down -25.5%)
Sportswear (unknit/non-crochet): $527,593,000 (down -6.1%)
Paints, varnishes: $522,076,000 (down -1.2%)
Mattresses, quilts: $474,162,000 (up 6.6%)
Screws, bolts, washers, hooks, pins: $467,409,000 (down -11.9%)
Trucks: $465,724,000 (up 34.1%)
Motorcycles: $454,306,000 (up 31.7%)
Video console games, table games: $411,249,000 (up 16.7%)
Miscellaneous aluminum items: $360,005,000 (up 0.1%)
Vulcanized rubber items: $354,431,000 (down -0.9%)
Prepared glues, adhesives: $327,266,000 (up 2.5%)
Iron/steel tables, household items: $315,077,000 (up 2.1%)
Women’s clothing (knit or crochet): $313,538,000 (down -3.6%)
Tractors: $293,538,000 (up 0.1%)
Felt, other non-woven garments: $265,945,000 (down -7%)

Focusing on the scope of this analysis, shopping products is Ireland’s most popular category ahead of both convenience products and speciality items.

Shopping products approach half (45) of the overall top 100 South Korean imported consumer goods.

Durable consumer products are goods like cars, refrigerators and furniture that last a relatively long time. Consumers can put durable products to use again and again. Note that shopping products and speciality products are considered as durable consumer products.

South Korea’s Most Valuable Imported Speciality Products

Speciality products represent the category with the fewest entries among South Korea’s imports that attracted the country’s spending on imported consumer goods during 2020.

Selected at the four-digit Harmonized System tariff classification code level, the most valuable speciality items are listed in descending order below.

The percentage to the right of each product name reveal highest increases or decreases in 2020 compared to 2019.

Electric storage batteries: US$2,003,709,000 (up 26.7%)
Liquid pumps: $1,431,372,000 (down -8.8%)
Electric water heaters, hair dryers: $1,326,680,000 (up 10.8%)
Liquid crystal/laser/optical tools: $1,101,340,000 (down -14.8%)
Temperature-change machines: $1,063,533,000 (down -0.8%)
Gold (unwrought): $905,994,000 (up 2.5%)
Beauty/makeup/skin care: $883,261,000 (down -14.8%)
Refrigerators, freezers: $759,758,000 (up 15.9%)
Air conditioners: $604,020,000 (down -25.8%)
Jewelry: $582,072,000 (down -0.7%)
Vacuum cleaners: $561,525,000 (up 28.8%)
Dishwash, clean/dry/fill machines: $493,550,000 (up 9.4%)
Household base metal mountings: $470,352,000 (up 15.3%)
Washing machines: $444,826,000 (up 16.1%)
Electromechanic appliances: $357,254,000 (up 20.7%)
Compasses, other navigational aids: $351,649,000 (up 6.8%)
Magnets including electro-magnets: $317,537,000 (up 10.8%)
Electric generating sets, converters: $308,053,000 (up 15.6%)
Special hand/machine tools: $281,493,000 (down -13.9%)

Like shopping products, speciality products are considered as durable consumer products.

Based on the product types identified in the sections above, 64 of South Korea’s 100 highest-value consumer shopper plus speciality products are durable while the remaining 36 convenience products are classified as non-durable.

South Korea’s Overall Fastest-Growing Consumer Imports

Listed below are the top 10 consumer products imported into South Korea that experienced the highest percentage increases in spending from 2019 to 2020.

Miscellaneous textile items: Up 177.3% (US$811.9 million)
Unrecorded sound media: Up 47.6% ($2.3 billion)
Rice: Up 36.9% ($375.4 million)
Trucks: Up 34.1% ($465.7 million)
Motorcycles: Up 31.7% ($454.3 million)
Vacuum cleaners: Up 28.8% ($561.5 million)
Wine: Up 27.3% ($330.1 million)
Electric storage batteries: Up 26.7% ($2 billion)
Electromechanic appliances: Up 20.7% ($357.3 million)
Soya-bean oil: Up 18.6% ($312.3 million)

Three among the above top 10 gainers are speciality products and therefore also durable goods that consumers can re-use over time. This trio of fastest-growing speciality products in demand by importers in South Korea are vacuum cleaners, electric storage devices and electromechanics appliances.

The 4 fastest-growing shopping products are miscellaneous textile items, unrecorded sound media, trucks and motorcycles.

The pair of non-durable imported consumer products that lead in sales growth are wine and soya-bean oil.

South Korea’s Overall Worst-Declining Consumer Imports

Spending by import buyers in South Korea on the following 10 items decreased in value by the highest percentages from 2019 to 2020.

Hot-rolled iron/non-alloy steel items: Down -33.9% ($1.8 billion)
Coal, solid fuels made from coal: Down -32.7% ($9.5 billion)
Unknitted and non-crocheted women’s coats: Down -29.3% ($837.7 million)
Unknitted and non-crocheted men’s coats: Down -27.8% ($719.9 million)
Processed petroleum oils: Down -25.9% ($12.7 billion)
Air conditioners: Down -25.8% ($604 million)
Wrist/pocket watches (with regular cases): Down -25.5% ($544.2 million)
Computer parts, accessories: Down -15.3% ($5.2 billion)
Liquid crystal/laser/optical tools: Down -14.79% ($1.1 billion)
Beauty/makeup/skin care: Down -14.78% ($883.3 million)

Five categories among South Korean top 10 severest decliners are durable shopping products used over a period of time. The worst slippage among those categories was for South Korea’s imported items made from hot-rolled iron or non-alloy steel, and unknitted and non-crocheted women’s or men’s coats.

The strongest declines for the 3 durable speciality goods belong to air conditioners; liquid crystal laser or optical tools; and beauty, makeup or skin care products.

There were 2 non-durable consumer product among South Korea’s 10 major import decliners from 2019 to 2020, namely coal and refined petroleum oils.

Key Suppliers by Country

This analysis reveals competitive suppliers that target demand for 5 of South Korea’s top consumer import products.

South Korea’s biggest imported consumer product by value is processed petroleum oils. The other 4 leading consumer goods imported into South Korea are phone devices including smartphones, cars, coal and computers.

Below, you will find major supplying countries for South Korea’s imported:

Processed petroleum oils: Russia (21.5% of total), United Arab Emirates (12.4%), India (8.3%), United States (7.9%), Iraq (5.9%), Greece (4.7%), Malaysia (4.6%), Saudi Arabia (4.5%), Singapore (4.1%), and Qatar (3.8%).

Phone devices including smartphones: China (50% of total), Vietnam (37.9%), Malaysia (1.7%), Japan (1.4%), United States (1.4%), Mexico (1.4%), Taiwan (1.2%), Thailand (1%), Indonesia (0.7%), and Singapore (0.6%).

Cars: Germany (47.9% of total), United States (19.9%), Japan (7.0%), Slovakia (5.5%), United Kingdom (4.5%), Mexico (2.7%), Austria (2.6%), Italy (1.8%), Sweden (1.7%), and Hungary (1.2%).

Coal: Australia (40.9% of total), Russia (20.6%), Indonesia (13.6%), Canada (12.3%), United States (4.4%), Colombia (3.8%), China (1.8%), Mozambique (1.2%), South Africa (1%), and New Zealand (0.2%).

Computers: China (65.3% of total), Vietnam (10.4%), Singapore (5.9%), United States (4.3%), Thailand (2.79%), Taiwan (2.75%), Ireland (1.6%), Mexico (1.5%), Japan (1.1%), and Hong Kong (1%).

References

Independent insights and analysis presented in this article are based on researched facts and statistics sourced from the following educational portals.

BoyceWire, Consumer Goods Definition.

Central Intelligence Agency, The World Factbook: South Korea Economy.

International Trade Centre, Trade Map.

Investopedia, Consumer Goods, Consumer Staples Definition, Fast-Moving Consumer Goods (FMCG).

Richest Country Reports, Top 100 Richest Countries by GDP.

Trading Economics, South Korea Consumer Spending.

Wikipedia, List of largest consumer markets.

Wikipedia, South Korea.

World’s Top Exports, South Korea’s Top 10 Imports.