The implementation of the U.S.-Korea Free Trade Agreement (KORUS FTA) has created exciting new opportunities for Washington businesses and communities. Removing tariffs on goods and restrictions on services, the strengthened U.S.-Korea economic partnership is spurring business growth, creating jobs, opening new markets and providing access to a larger pool of consumers.
Interesting Facts About Washington's Trade with Korea
- In 2015, more than 56 percent of Washington's total exports to Korea were aircrafts, engines and parts ($2.4 billion).
- In 2015, Washington's exports of motor vehicles to Korea totaled $25 million, more than three times the 2010 total of $7.2 million .
- Home to the Starbucks Corporation, the largest coffee chain in the world, Washington exported $8.5 million in coffee to Korea in 2015.
- With more than 155 miles of ocean coastline, Washington exported $29 million in fish and crustaceans to Korea in 2015, almost 3 times the amount in 2010 ($10.5 million).
- Although best known in the United States for its apples, Washington exported $44 million in fresh cherries to Korea in 2015, a 23 percent increase from 2012.
Connections Beyond Trade
- In 2015, it was estimated that there were approximately 63,220 Koreans and Korean Americans living in Washington.
- There were more than 2,110 students from Korea studying at universities in Washington during the 2014/2015 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 $4.3 billion in goods to Korea in 2015.
- Washington imported $2.8 billion in goods from Korea in 2015.
- 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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