Issues & Answers

KORUS FTA TRADE FIGURES

2014 review
2013 review
Brochure
2012-2014 Trade Statistics of KORUS FTA

General Overview (Korea Customs Service)

Since implementation of the KORUS FTA, the U.S. export and import growth rates with Korea, on products for which the FTA reduced tariffs, are greater, showing the benefits of the KORUS FTA.

  • Both U.S. exports to Korea and U.S. imports from Korea increased for FTA beneficiary items, while the opposite trend was observed for FTA non-beneficiary items.

Trade in Goods

Korea-U.S. Free Trade Agreement beneficiary items contribute to expanding and balancing bilateral trade.

January - December 2014 

U.S. Exports to Korea

$45.3 billion (+9.1%)*

FTA Beneficiary Items

$24.7 billion (+9%)*

FTA Non-beneficiary Items

$20.6 billion (+9.1%)*

Korea Exports to the U.S.

$70.3 billion (+13.3%)*

FTA Beneficiary items

$24.9 billion (+4.3%)*

FTA Non-beneficiary items

$45.4 billion (+19%)*

Korea-U.S. Total Trade Volume

$114.1 billion*

 

 

January - December 2013 

U.S. Exports to Korea

$41.5 billion (-4.2%)*

FTA Beneficiary Items

$22.6 billion (+6.9%)*

FTA Non-beneficiary Items

$18.9 billion (-14.9%)*

Korea Exports to the U.S.

$62.1 billion (+6.0%)*

FTA Beneficiary items

$24.2 billion (+6.2%)*

FTA Non-beneficiary items

$37.9 billion (+5.9%)*

Korea-U.S. Total Trade Volume

$103.6 billion (+1.8%)*

 

March - December 2012 

U.S. Exports to Korea

$35.5 billion (-7.7%)*

FTA Beneficiary Items

$17.8 billion (+1.8%)*

FTA Non-beneficiary Items

$17.7 billion (-15.7%)*

Korea Exports to the U.S.

$48.8 billion (+1.1%)*

FTA Beneficiary items

$19.4 billion (+9.8%)*

FTA Non-beneficiary items

$29.4 billion (-4.0%)*

Korea-U.S. Total Trade Volume

$84.3 billion (-2.8%)*

*Year-on-year percent changes shown in parentheses

 

Top Export Beneficiary Items (U.S. to Korea): 2014
CommodityPre-KORUS Tariff Elimination ScheduleGrowth Between 2011 and 2014Exports to Korea (2013)
Machines for manufacturing semiconductor devices 8% eliminated immediately or over 10 years +41.2% $2.2 billion
Motor cars & vehicles for transporting persons 8% eliminated over 5 years +142.7% $1 billion
Medicaments  8% eliminated immediately or over 3 yearsated over 15 years +90.9% $758.2 million
Petrol and bitum mineral oil (not crude) 3% or 5% eliminated immediately +558.6% $670.2 million
Frozen beef (bone-in) 40% eliminated over 15 years +71.4% $365 million
Food preparations 8%, 30% or 754.3% being eliminated immediately or over 10 years +18.8% $255 million
Parts of taps, cocks, valves for pipes 8% eliminated over 5 years +532.9% $216.8 million
Beauty & skin care preparation 6.5% eliminated immediately or over 10 years +30.1% $208 million
Almonds (shelled and in shell) 8% eliminated immediately +174.4% $204.4 million
Fresh cheese (e.g. mozzarella, cream cheese) 36% eliminated over 15 years
(0% tariff applied for quantity less than 7,000t)
+575.5% $199.4 million

 

 
U.S. Automobile Exports to Korea (including passenger motor vehicles, buses, trucks, and tractors)
2008200920102011201220132014
8,122
(+6.3%)*
6,852
(-15.6%)*
13,357
(+94.9%)*
13,669
(+2.3%)*
28,361
(+107.5%)*
31,654
(+11.6%)*
34,334
(+8.5%)*

Note: denotes number of automobiles exported to Korea
*Year-on-year percent changes shown in parentheses

 

Top Trading Partners

Since the KORUS FTA, both the United States and Korea have moved up in trading partner rankings.

Korea's Top Trading Partners
Trading Partner Rank2011201220132014
1 China
$220.6 billion
China
$215.1 billion
China
$228.9 billion
China
$235.4 billion
2 Japan
$108 billion
Japan
$103.2 billion
E.U.
$105.1 billion
E.U.
$115.6 billion
3 E.U.
$103.2 billion
U.S.
$101.9 billion
U.S.
$103.5 billion
U.S.
$114.1 billion
4 U.S.
$100.8 billion
E.U.
$99.7 billion
Japan
$93.9 billion
Japan
$89.0 billion

 

United States' Top Trading Partners
Trading Partner Rank2011201220132014
1 Canada
$597.4 billion
Canada
$616.7 billion
Canada
$632.4 billion
Canada
$658.2 billion
2 China
$502.3 billion
China
$536.2 billion
China
$562.4 billion
China
$590.1 billion
3 Mexico
$460.6 billion
Mexico
$494 billion
Mexico
$506.6 billion
Mexico
$534.5 billion
4 Japan
$195 billion
Japan
$216.4 billion
Japan
$203.7 billion
Japan
$200.9 billion
5 Germany
$147.5 billion
Germany
$157.3 billion
Germany
$162.1 billion
Germany
$172.6 billion
6 U.K.
$107.1 billion
U.K.
$109.8 billion
Korea
$103.8 billion
Korea
$114.1 billion
7 Korea
$100.1 billion
Korea
$101.2 billion
U.K.
$100 billion
U.K.
$107.9 billion

 

Trade in Services

The U.S. services trade surplus to Korea continues to expand, growing at a rate of approximately 19% on average in recent years.

Trade in Services20102011201220132014

U.S. Exports to Korea

15,451 16,664 17,986 20,904 20,727

Korea Exports to U.S.

9,334 9,735 10,424 10,756 10,355

Total Trade in Services

24,785 26,399 28,410 31,660 31,082

Balance on Services

6,117 6,929 7,562 10,148 10,371*

Unit: Million USD

* Out of the total U.S. services trade surplus in 2013, the U.S. private services trade surplus with Korea was $12.3 billion. .

U.S. - Korea Crossborder Investment

The United States has been the top destination for Korea's Foreign Direct Investment (FDI).

Foreign Direct Investment2014Cumulative Total (1968-2014)

U.S. to Korea

$2.9 billion $56.2 billion

Korea to U.S.

$6.3 billion $76.6 billion

Note: All investment figures are on a “notification basis as reported.”

 

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State Benefits

Learn more about how the FTA benefits your state and others