As of late March 2026, the KRW/USD exchange rate has surged past 1,500 won, rapidly redrawing the industrial landscape. While high exchange rates typically favor exporters, the current situation is a complex crisis combined with high oil prices and tariff risks, creating clear winners and losers.
Here is an urgent analysis of which industries will enjoy “currency gains” and which will face a “cost bomb.”
1. Winners: Automotive, Shipbuilding, and Defense
These sectors receive payments in dollars, meaning their revenue and profits increase when converted back into Korean Won.
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Automotive (Hyundai/Kia): Despite tariff threats from the U.S., the 1,500 won level is expected to generate over 1 trillion KRW in additional currency gains annually for Hyundai. The exchange rate is acting as a “buffer” against potential tariff burdens.
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Shipbuilding (HD Hyundai, Samsung Heavy): Since ship orders are paid in dollars, the surge in the exchange rate directly improves operating margins. Combined with U.S. Navy MRO demand and LNG project restarts, the outlook is bright.
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K-Defense (LIG Nex1, Hanwha Aerospace): With recent large-scale Middle East contracts signed in dollars, “Earnings Surprises” driven by currency gains are highly anticipated.
2. Losers: Airlines, Energy, and Food & Beverage
Conversely, companies that rely on dollar spending or import all raw materials are struggling.
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Airlines (LCCs): Aircraft leases and fuel are paid in dollars. A 10-won increase in the exchange rate causes tens of billions in losses; thus, 1,500 won is a threat to the survival of Low-Cost Carriers. (Korean Air is partially hedging this through cargo revenue.)
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Energy & Utilities (KEPCO, KOGAS): Costs for importing oil and natural gas have skyrocketed, threatening to widen deficits and putting pressure on public utility rates.
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Food & Beverage (CJ, Nongshim): As they import wheat, corn, and coffee beans, the burden of import costs is at its peak. Companies are torn between raising prices and expanding local U.S. production.
3. ‘Overshooting’ Indicators for Investors
Experts view the 1,500 won rate as an “overshooting” phase, where the Won is undervalued compared to the country’s actual economic fundamentals.
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Focus on Earnings Season: Starting in April, the priority is to check how much of the “currency effect” actually translated into 1st-quarter profits.
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Criteria for Selection: Focus on “pure exporters” that have low raw material import ratios and high dollar revenue ratios rather than just high export volume.
✅ 3-Line Summary
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With the Won at 1,510, the auto, shipbuilding, and defense sectors expect record currency gains.
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Airlines and food companies face inevitable hits to profitability due to high dollar-denominated debt and import costs.
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As the current rate is considered excessive, investors must scrutinize actual profit improvements during the upcoming earnings announcements.