The world's semiconductor market is projected to attain greater growth this year than initially forecast. The Asia-Pacific region, including major chip producers like South Korea, are expected to account for 63.5 percent of global chipmakers' sales.

South Korea accounted for around 31 percent of the total $23.5 billion in semiconductor equipment investment during the first quarter, reclaiming industry leadership with $7.3 billion in investments.

In a meeting with a group of countries supporting a multilateral trading regime, South Korea vowed to play a bigger role in easing global shortages of COVID-19 vaccines. Trade Minister Yoo said South Korea will emerge as a global hub of production.

South Korea's early trade data project exports are set to surge in May as vaccinations allow a broader reopening of major economies. Average daily shipments increased 59.1% in the period which had half a business day less than a year earlier.

Joining China and the U.S. in a global race to dominate key chip technology, South Korea unveiled ambitious plans to spend roughly $450 billion to build the world’s biggest chipmaking base over the next decade.

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History of US Korea Connect

The U.S. and Korea have maintained a long and mutually beneficial relationship built on respect and trust.  The U.S.-Korea Free Trade Agreement furthers this strong relationship by encouraging the free flow of products and services between the United States and Korea.  The following is a timeline of the development and implementation of the FTA.

Interesting Facts

Interesting Facts

In 2015, Korea was the United States’ 6th largest trading partner, while the United States was Korea’s 2nd largest.

Top Imports

Top Imports

  1. Communications equipment
  2. Motor vehicles
  3. Motor vehicle parts

Top Exports

Top Exports

  1. Semiconductors and components
  2. Aerospace products
  3. Chemicals

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