South Korea: Imports of goods and services as percent of GDP
For that indicator, The World Bank provides data for South Korea from 1960 to 2018. The average value for South Korea during that period was 29.95 percent with a minimum of 11.98 percent in 1960 and a maximum of 54.25 percent in 2011.
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The imports of South Korea and other countries are calculated as the total amount of goods and services produced abroad and sold at home. Imports are often reported as percent of GDP so that we can evaluate their magnitude relative to the size of the economy.
If imports are about 15 percent or less of GDP the economy is considered relatively closed. That, for example, applies to the U.S. In contrast, many small European countries import over 40 percent of the products they consume. They are considered more open to international trade.
Definition: Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.