With the implementation of the U.S.-Korea Free Trade Agreement (KORUS FTA) there are exciting new opportunities for Washington businesses and communities. By removing tariffs on goods and restrictions on services, this strengthened international partnership is spurring business growth, creating jobs, opening new markets and providing access to a larger pool of consumers. Click on the tabs above to learn more about Washington’s trade with Korea.
Interesting Facts About Washington's Trade with Korea
- In 2013, more than 46 percent of Washington’s total exports to Korea were aircrafts, engines and parts ($1.3 billion).
- In 2013, Washington’s exports of motor vehicles to Korea totaled $15.7 million, more that twice the 2010 total of $7.2 million .
- Home to the Starbucks Corporation, the largest coffee chain in the world, Washington exported $9.8 million in coffee to Korea in 2013.
- With more than 155 miles of ocean coastline, Washington exported $31 million in fish and crustaceans to Korea in 2013.
- Although best known in the United States for its apples, Washington exported $37.9 million in fresh cherries to Korea in 2013.
Connections Beyond Trade
- In 2012, it was estimated that there were approximately 57,340 Koreans and Korean Americans living in Washington.
- There were more than 2,490 students from Korea studying at universities in Washington during the 2012/2013 academic year.
- Federal Way, home to one of the largest Korean American communities in the Pacific Northwest, maintains close ties with its Korean sister city – Donghae City – in the province of Gangwon.
- The Center for Korea Studies at the University of Washington, which fosters teaching, research, and outreach related to Korea, is one of the oldest programs of its kind in the United States.
- Pictured Right: The annual Han Woo-Ri festival, held each fall in Federal Way, celebrates Korean culture with performing arts, exhibits, games and food. (Photo courtesy of the City of Federal Way)
- Washington exported almost $2.6 billion in goods to Korea in 2013.
- Washington imported more than $2.2 billion in goods from Korea in 2013.
- The KORUS FTA more closely connects Washington businesses with Korea, a $1 trillion market with more than 50 million consumers.
- The KORUS FTA is a significant and important catalyst for job creation in Washington.
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