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South Korea Tariff Rate

South Korea's tariff rate rose to 5.73% in 2022, up from 5% in 2021, according to World Bank. This represents an increase of 0.73% from the previous year. South Korea has tariff rate lower than the global median (5.73% vs median 5.90%). Compared with the median in Asia, South Korea is higher (5.73% vs regional median 5.36%) and ranks 18th out of 45 countries in Asia.

Yearly Historical Data (1988-2022)

(in %)
Year Tariff Rate (%)
2022 5.73%
2021 5%
2020 5.29%
2018 5.23%
2017 5.36%
2016 11.12%
2015 6.05%
2014 5.98%
2013 10.33%
2012 10.18%
2011 10.36%
2010 10.12%
2009 9.97%
2008 9.76%
2007 8.36%
2006 9.2%
2005 9.12%
2004 9.12%
2003 9.49%
2002 9.58%
2001 9.91%
2000 9.84%
1999 8.54%
1998 10.25%
1997 9.72%
1996 9.83%
1995 8.27%
1992 11.18%
1990 12.98%
1989 14.89%
1988 18.83%
South Korea Tariff Rate : Definition
Tariff Rate measures the simple average of the import taxes applied by South Korea on all products, expressed as a percentage.
Indicator Last Value Prior Value Period
Annual Exports $683.13B $631.8B 2024
Annual Imports $631.73B $642.55B 2024
Balance of Trade $9.6B $6.5B Sep'25
Exports $66B $58.4B Sep'25
Exports (% GDP) 44% 48.27% 2023
FDI Inflows (% GDP) 1.11% 1.5% 2023
Imports $56.4B $51.9B Sep'25
Imports (% GDP) 43.94% 48.26% 2023
Net Trade (Goods & Services, BoP) $76.43B $10.83B 2024
Trade (% GDP) 87.94% 96.54% 2023