Won-based export settlements hit record high in 2025: BOK

The proportion of South Korean exports settled in the local currency reached an all-time high in 2025, driven by rising exports of items that typically have higher won-based settlement shares, central bank data showed Thursday. The use of the won accounted for 3.4 percent of all export settlements last year, up 0.8 percentage point from a year earlier, according to the data from the Bank of Korea (BOK). The share had risen in 2023 for the first time in six years but fell by 0.1 percentage point in 2024. The increase was driven by a 33.1 percent jump in won-denominated exports, particularly passenger cars and semiconductor equipment, which typically have higher won-based settlement shares, the BOK said. The U.S. dollar remained the dominant currency for South Korean exports in 2025, accounting for 84.2 percent of total export settlements, though the share fell from 84.5 percent the previous year. The share of the euro declined by 0.1 percentage point to 5.9 percent in 2025, while that of the Japanese yen also fell by 0.1 percentage point to a record low of 1.9 percent. The Chinese yuan acco

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