Issues & Answers

KORUS FTA TRADE FIGURES

2013 review
Brochure
2013 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 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): 2013
CommodityPre-KORUS Tariff Elimination ScheduleGrowth in First Three Quarters of 2013Exports to Korea (2013)
Passenger vehicles 8% being eliminated over 5 years (2016) +79.5% $747,860,991
Packaged medicines for retail 8% eliminated immediately or over 3 years +98.7% $687,778,210
Frozen beef (bone-in) 40% being eliminated over 15 years +24.4% $264,905,975
Mechanical Appliances (e.g. air purifiers, compressor, coating machine) 8% being eliminated over 3 years +129.0% $227,727,726
Almonds (shelled and in shell) 8% eliminated immediately +104.6% $170,545,771
Reciprocating positive displacement pumps 8% eliminated immediately +260.6% $155,219,347
Hexamethylenediamine and its salts (chemical ingredient for polymers) 6.5% eliminated immediately +123.1% $128,359,749
Fresh cheese (e.g., mozzarella, cream cheese) 36% being eliminated over 15 years (0% tariff applied for quantity less than 7,000t) +331.1% $127,287,903
Lemons, fresh or dried 30% eliminated over 2 years +172.4% $24,191,750
Wine 15% eliminated immediately +93.5% $15,546,567

 

U.S. Automobile Exports to Korea (including passenger motor vehicles, buses, trucks, and tractors)
200820092010201120122013
8,122
(+6.3%)*
6,852
(-15.6%)*
13,357
(+94.9%)*
13,669
(+2.3%)*
28,361
(+107.5%)*
31,654
(+11.6%)*

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 Rank201120122013
1 China
$220.6 billion
China
$215.1 billion
China
$228.9 billion
2 Japan
$108 billion
Japan
$103.2 billion
E.U.
$105.1 billion
3 E.U.
$103.2 billion
U.S.
$101.9 billion
U.S.
$103.5 billion
4 U.S.
$100.8 billion
E.U.
$99.7 billion
Japan
$93.9 billion

 

United States' Top Trading Partners
Trading Partner Rank201120122013
1 Canada
$597.4 billion
Canada
$616.7 billion
Canada
$632.4 billion
2 China
$502.3 billion
China
$536.2 billion
China
$562.4 billion
3 Mexico
$460.6 billion
Mexico
$494 billion
Mexico
$506.6 billion
4 Japan
$195 billion
Japan
$216.4 billion
Japan
$203.7 billion
5 Germany
$147.5 billion
Germany
$157.3 billion
Germany
$162.1 billion
6 U.K.
$107.1 billion
U.K.
$109.8 billion
Korea
$103.8 billion
7 Korea
$100.1 billion
Korea
$101.2 billion
U.K.
$100 billion

 

Trade in Services

The U.S. services trade surplus to Korea continues to expand at a rate of approximately 20% in recent years.

Trade in Services2010201120122013

U.S. Exports to Korea

15,255 16,567 18,372 20,814

Korea Exports to U.S.

10,350 11,102 11,867 11,844

Total Trade in Services

25,605 27,669 30,239 32,658

Balance on Services

4,904 5,465 6,506 8,970

Unit: Million USD

The U.S. private services trade surplus with Korea increased by more than 40 percent to $11 billion in 2013 as compared to 2011.

U.S. - Korea Crossborder Investment

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

Foreign Direct Investment2013Cumulative Total (1968-2013)

U.S. to Korea

$3.5 billion $53.3 billion

Korea to U.S.

$5.4 billion $69.8 billion

 

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