Last year, Korea's export competitiveness to the United States weakened compared with major rivals. In 2024, Taiwan and Ireland, which had ranked below Korea in exports to the United States, overtook Korea.
According to data analyzed by the Korea International Trade Association from U.S. Department of Commerce import-export statistics on the 18th, from January to November last year, U.S. imports of Korean goods totaled $113.4 billion. That was down 5.9% from a year earlier.
During this period, Korea accounted for 3.6% of total U.S. imports, ranking ninth among the top 10 import sources. That was down two spots from the prior year. This share was the lowest since the trade association began compiling the related statistics in 1988. Korea ranked seventh (4% share) in 2024, just before the launch of the Donald Trump administration.
From January to November last year, Mexico ranked first among U.S. import sources with $492.5 billion (15.7%). Canada ($351.2 billion, 11.2%) and China ($287.3 billion, 9.2%) followed.
Taiwan, buoyed by a boom in semiconductor exports, climbed to fourth with $176.7 billion (5.6%), up four spots from a year earlier. It was followed by Vietnam ($175.3 billion), Germany ($140.8 billion), Japan ($133.8 billion), and Ireland ($129.7 billion).
Korea's diminished standing stems from the imposition of high tariffs on key export items such as autos and steel. Japan, where autos make up a large share of exports, also fell two spots, from fifth to seventh.
Kim Jung-kwan, Minister of the Ministry of Trade, Industry and Resources, said in a Jan. 1 release on import-export trends, "The government will put the national interest first as it continues consultations with the United States, while establishing a trade structure resilient to external changes by diversifying items, markets, and actors."