With the implementation of the U.S.-Korea Free Trade Agreement (KORUS FTA), there are exciting new opportunities for Washington. Businesses, cities and communities across the state are capitalizing on these expanded opportunities created by the reduction of tariffs, elimination of trade barriers, and the free flow of products, services and ideas between Washington and Korea.
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Interesting Facts About Washington's Trade with Korea
- In 2012, more than 41 percent of Washington’s total exports to Korea were aircrafts, engines and parts ($1.4 billion).
- From 2008 to 2012, Washington increased its exports of motor vehicles to Korea from $5.7 million to $54 million.
- Home to the Starbucks Corporation, the largest coffee chain in the world, Washington exported almost $11.7 million in coffee to Korea in 2012.
- With more than 155 miles of ocean coastline, Washington exported almost $24.7 million in fish and crustaceans to Korea in 2011.
- Although best known in the United States for its apples, Washington exported more fresh cherries to Korea in 2011 than any other fruit ($35.9 million).
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 2,520 students from Korea studying at universities in Washington in 2012.
- 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 $3.4 billion in goods to Korea in 2012, an increase of $124.1 million from 2011.
- Washington imported more than $2.2 billion in goods from Korea in 2012.
- 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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