Ministry of Trade Industry and Resources

Revision of MTI Code Standards for Export and Import Statistics

The Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) revised the MTI code standards used to analyze export and import trends, marking the first revision of the framework since 2020. The revised framework expands Korea’s key export items from 15 to 20 by adding products that reflect the diversification of its export base. It also updates subcategories for major items to reflect current industry structures and export patterns.

The framework adds five items to the list: electrical equipment, nonferrous metals, agricultural and fisheries products, cosmetics and daily consumer goods. Together, the 20 key items accounted for 86.3 percent of Korea’s total exports in 2025, compared with 77.2 percent under the previous 15-item framework. The expanded list provides broader coverage and a more detailed view of overall export trends.

MOTIR also reorganized detailed product classifications to better reflect current industrial and export patterns. For biohealth, a separate MTI code was created, and the category was divided into pharmaceuticals and medical devices. For semiconductors, memory semiconductors were separated from system semiconductors, with memory semiconductors further divided into DRAM, NAND and other items. For automobiles, vehicle type was placed at the four-digit MTI level and powertrain at the six-digit level, while new and used vehicles were separated.

For steel, certain items, including other steel products, raw materials and subsidiary materials, were moved from the steel category to the other steel and metal products category to align the classification with steel product categories commonly used in global markets. For batteries, a separate code was created for lithium-ion batteries, and battery materials, including cathode materials, electrolytes and separators, were consolidated under one code. For textiles, natural materials, bags, footwear, belts and other textile-related items were moved into the textile category to make the statistics more representative. For general machinery, subcategories such as manufacturing equipment, industrial machinery, energy machinery and machinery parts were aligned with actual industry classifications.

To maintain statistical consistency, MOTIR will apply the revised standards retroactively to data from 2022 onward and use them in its monthly export and import trend releases from June 1, 2026. Details of the changes, along with the HSK-MTI correlation table, will be released by the Korea International Trade Association (KITA) on May 8, 2026.
 
Q1 2026 Export and Import Trends

Exports in the first quarter of 2026 rose 37.8 percent year-on-year to USD 219.9 billion, the highest first-quarter figure on record. Average daily exports, adjusted for working days, increased 34.7 percent to $3.4 billion. Imports rose 10.9 percent to $169.4 billion, while the trade balance posted a surplus of $50.4 billion, up $43.7 billion from a year earlier.

By product, exports increased in 13 of Korea’s 20 key export items. Semiconductor exports rose 139.0 percent to $78.5 billion, as AI server investment expanded and memory prices remained high. DRAM exports increased 249.1 percent to $35.8 billion, while NAND exports rose 377.5 percent to $5.4 billion. System semiconductor exports also increased 13.5 percent to $12.1 billion.

Automobile exports edged down 0.3 percent to $17.2 billion. Truck exports rose 63.9 percent to $0.7 billion, while passenger car and van exports fell 2.2 percent and 31.7 percent, respectively. Biohealth exports increased 9.6 percent to $4.2 billion. Pharmaceutical exports rose 11.9 percent to $2.7 billion on continued growth in biosimilar demand in major markets, while medical device exports increased 5.5 percent to $1.5 billion.

Secondary battery exports rose 9.9 percent to $2.0 billion, supported by higher lithium and other mineral prices and new product launches. Lithium-ion battery exports increased 16.9 percent to $1.2 billion, while cathode material exports fell 5.5 percent to $1.2 billion. Textile exports edged down 0.6 percent to $2.5 billion as textile raw materials and fabrics declined, while textile products rose 7.1 percent to $1.0 billion on growing demand for K-fashion.

Electrical equipment exports increased 2.5 percent to $4.1 billion, supported by continued demand for transformers and cables amid global power grid investment. Nonferrous metal exports rose 28.9 percent to $4.1 billion, reflecting higher prices for copper, aluminum and other minerals.

Exports of consumer-related items also continued to grow with the spread of Korean cultural content. Cosmetics exports rose 21.5 percent to $3.1 billion on stronger demand for K-beauty products. Agricultural and fisheries product exports increased 7.4 percent to $3.1 billion, led by growth in noodles and other items, while daily consumer goods exports rose 3.9 percent to $2.1 billion, supported by stationery and toys.

First-quarter imports rose 10.9 percent to $169.4 billion. Energy imports fell 7.2 percent to $28.7 billion on lower oil prices, while non-energy imports increased 15.4 percent, led by semiconductor equipment and other items.

According to WTO data for January–February 2026, Korea ranked fifth globally in exports, after China, the United States, Germany and the Netherlands. Among the top seven exporters, Korea posted the highest growth rate, with semiconductor exports supported by global demand tied to AI server investment.

Minister JK (Jung-Kwan) Kim of MOTIR said, “Semiconductor exports led overall export growth, while non-semiconductor exports also posted double-digit gains. As a result, first-quarter exports reached a record high, and Korea’s global export ranking rose to fifth as of February.”

“Export conditions remain difficult, with higher oil prices stemming from the conflict in the Middle East, global supply chain instability and uncertainty over U.S. tariffs,” Minister Kim added. “MOTIR will continue to support Korean exporters by expanding trade finance and export insurance support and by implementing measures to stabilize logistics and supply chains, so that the positive export momentum from the first quarter can continue through the end of 2026.”