Tariff rate, most favored nation, weighted mean, manufactured products in Korea
Korea: Tariff rate, most favored nation, weighted mean, manufactured products was 4.0% in 2022. ▼ Falling
Tariff rate, most favored nation, weighted mean, manufactured products in Korea, 1988–2022
Source: Staff estimates. Measured in %.
Analysis
Korea recorded 4.0% for tariff rate, most favored nation, weighted mean, manufactured products in 2022. That is the lowest value across all 31 years on record.
Compared with earlier readings it is down 2.4% on the previous year and down 16.1% over ten years.
Over the whole period, tariff rate, most favored nation, weighted mean, manufactured products in Korea peaked at 17.1% in 1988 and was at its lowest, 4.0%, in 2022.
Korea ranks 129th of 184 countries on this measure, in the middle of the range.
The long-run direction has been consistently falling across the 31 years of available data.
Tariff rate, most favored nation, weighted mean, manufactured products in Korea, year by year
| Year | % | Change |
|---|---|---|
| 1988 | 17.1% | — |
| 1989 | 13.7% | -20.0% |
| 1990 | 11.5% | -16.1% |
| 1992 | 9.9% | -14.0% |
| 1995 | 7.4% | -24.9% |
| 1996 | 7.7% | +3.8% |
| 1997 | 7.2% | -6.4% |
| 1998 | 6.6% | -8.7% |
| 1999 | 6.3% | -5.0% |
| 2000 | 5.0% | -20.4% |
| 2001 | 5.2% | +5.4% |
| 2002 | 5.1% | -3.4% |
| 2003 | 4.9% | -2.6% |
| 2004 | 4.6% | -7.7% |
| 2005 | 4.5% | -2.2% |
| 2006 | 4.5% | +1.3% |
| 2007 | 4.3% | -4.0% |
| 2008 | 4.2% | -2.1% |
| 2009 | 4.5% | +4.9% |
| 2010 | 4.5% | +0.0% |
| 2011 | 4.6% | +3.4% |
| 2012 | 4.8% | +3.5% |
| 2013 | 4.9% | +2.1% |
| 2014 | 4.9% | -0.2% |
| 2015 | 4.8% | -1.2% |
| 2016 | 4.9% | +1.5% |
| 2017 | 6.2% | +28.1% |
| 2018 | 6.2% | +0.0% |
| 2020 | 6.4% | +1.9% |
| 2021 | 4.1% | -35.5% |
| 2022 | 4.0% | -2.4% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1980s | 15.4% | 13.7% | 17.1% | 2 |
| 1990s | 8.1% | 6.3% | 11.5% | 7 |
| 2000s | 4.7% | 4.2% | 5.2% | 10 |
| 2010s | 5.1% | 4.5% | 6.2% | 9 |
| 2020s | 4.8% | 4.0% | 6.4% | 3 |
Countries ranked near Korea
More private sector data for Korea
- Merchandise trade 71.6% (2025)
- Food imports 6.3% (2024)
- Manufactures imports 60.1% (2024)
- Merchandise imports 631.89 billion current US$ (2025)
- Food exports 1.6% (2024)
- Manufactures exports 87.3% (2024)
- Merchandise exports 709.33 billion current US$ (2025)
- Merchandise exports (current US$), per capita 13,724 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.3788 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 3.76 % change on previous year (2025)
Frequently asked questions
- What is tariff rate, most favored nation, weighted mean, manufactured products in Korea?
- Tariff rate, most favored nation, weighted mean, manufactured products in Korea was 4.0% in 2022, according to Staff estimates.
- What is the highest tariff rate, most favored nation, weighted mean, manufactured products recorded in Korea?
- The highest recorded value was 17.1% in 1988.
- What is the lowest tariff rate, most favored nation, weighted mean, manufactured products recorded in Korea?
- The lowest recorded value was 4.0% in 2022.
- How does Korea rank for tariff rate, most favored nation, weighted mean, manufactured products?
- Korea ranks 129th out of 184 countries with data for 2022.
- Is tariff rate, most favored nation, weighted mean, manufactured products rising or falling in Korea?
- Over the last ten years it is down 16.1%. The long-run trend across the full record is falling.
- Where does this Korea data come from?
- The figures come from Staff estimates, published as part of Tariff rate, most favored nation, weighted mean, manufactured products (%). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 31 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
About this data
Weighted mean most favored nations tariff is the average of most favored nation rates weighted by the product import shares corresponding to each partner country. Data are classified using the Harmonized System of trade at the six- or eight-digit level. Tariff line data were matched to Standard International Trade Classification (SITC) revision 3 codes to define commodity groups and import weights. Import weights were calculated using the United Nations Statistics Division's Commodity Trade (Comtrade) database. Manufactured products are commodities classified in SITC revision 3 sections 5-8 excluding division 68.