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, growing at a rate of approximately 19% on average in recent years.

Trade in Services2010201120122013

U.S. Exports to Korea

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

Korea Exports to U.S.

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

Total Trade in Services

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

Balance on Services

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

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 Investment2013Cumulative Total (1968-2013)

U.S. to Korea

$3.5 billion $53.3 billion

Korea to U.S.

$5.5 billion $71.5 billion

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

 

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