Korean Won Exchange Rate and Your Import Cost
RU Статья пока только на английском.
Сайт на русскомContents · 3 sections
Bottom line: how the Korean won exchange rate affects your import cost depends on the quote currency: with a KRW quote the buyer carries the currency risk, with a USD or HKD quote the Korean seller does; between 2021 and 2025 the won’s annual average weakened from 1,144.42 to 1,422.22 per US dollar, so the same won amount cost 19.5% fewer dollars.
The figures are averages from table 731Y004, “Exchange rates of major currencies against the won”, in the Bank of Korea’s Economic Statistics System (ECOS). The Hong Kong dollar is held within HKD 7.75–7.85 per US dollar under Hong Kong’s Linked Exchange Rate System, so for Hong Kong buyers the won moves almost exactly as it does against the US dollar. This article contains no prices.
Korean won exchange rate: ten years of annual averages
Swipe sideways to see the whole table.
| Year | KRW per USD (annual average) | KRW per HKD (annual average) |
|---|---|---|
| 2016 | 1,160.50 | 149.51 |
| 2017 | 1,130.84 | 145.13 |
| 2018 | 1,100.30 | 140.38 |
| 2019 | 1,165.65 | 148.78 |
| 2020 | 1,180.05 | 152.14 |
| 2021 | 1,144.42 | 147.23 |
| 2022 | 1,291.95 | 164.98 |
| 2023 | 1,305.41 | 166.75 |
| 2024 | 1,363.98 | 174.81 |
| 2025 | 1,422.22 | 182.44 |
Swipe sideways to see the whole table.
| 2026 | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep |
|---|---|---|---|---|---|---|---|---|---|
| KRW per USD (monthly average) | 1,456.51 | 1,449.32 | 1,486.64 | 1,487.39 | 1,490.11 | 1,527.30 | 1,497.43 | 1,406.30 | 1,359.00 |
| KRW per HKD (monthly average) | 186.84 | 185.43 | 189.95 | 189.86 | 190.24 | 194.88 | 190.97 | 179.32 | 173.28 |
KRW per US dollar · annual average, 2016–2025, base rate · Source: Bank of Korea ECOS, table 731Y004 · ACCESSED 2026-10-16 · KRW · compiled by us
Definitions, sources and access date
- Scope: Bank of Korea ECOS table 731Y004, items “KRW/USD (base rate)” and “KRW/HKD”, average data; annual averages for 2016–2025 and monthly averages for January–September 2026. Higher numbers mean a weaker won.
- Percentages in the text are our calculations from these values, for example 1,144.42 ÷ 1,422.22 − 1 = −19.5%.
- The HKD 7.75–7.85 band is from the Hong Kong Monetary Authority.
- Sources: Bank of Korea ECOS https://ecos.bok.or.kr/ (table 731Y004; example API query: https://ecos.bok.or.kr/api/StatisticSearch/sample/json/kr/1/10/731Y004/A/2016/2025/0000001/0000100 ) · HKMA, Linked Exchange Rate System https://www.hkma.gov.hk/eng/key-functions/money/linked-exchange-rate-system/
- Data accessed: 16 October 2026
The quote currency decides who carries the risk
Swipe sideways to see the whole table.
| Quote currency | Overseas buyer’s cost | Korean seller’s won income |
|---|---|---|
| KRW | Changes with the rate at payment; rises when the won strengthens | Fixed |
| USD | Fixed in USD (little change in HKD under the peg) | Varies when converted to won |
| HKD | Fixed in HKD | Varies when converted to won |
With a won quote, the buyer carries the exchange rate. The won weakened steadily from 2021 to 2025, which helped buyers paying in dollars: the same won amount cost 19.5% fewer US dollars in 2025 than in 2021. It can move the other way, too. In 2026 the monthly average went from 1,527.30 won per dollar in June to 1,359.00 in September, so the same won amount cost 12.4% more in dollars.
With a dollar quote, the seller carries it. The buyer’s cost is fixed when the order is placed, and the seller absorbs movements in the won. Quote validity periods and any currency adjustment clause also affect the final cost, so read them before you sign.
Practical steps. When comparing suppliers, convert every quote into one currency and note the rate and date used. For repeat orders, agree a quote validity period or a rule that adjusts to the rate on a stated date. SEONGWOO GLOBAL has a Seoul company and a Hong Kong company, SEONGWOO GLOBAL LIMITED, and can discuss the quote currency and contracting party that suit a deal.
Related reading: Hong Kong imports of Korean cosmetics · K-beauty export seasonality · Re-export via Hong Kong
Related pages: Services · FAQ · Contact us