I’d like to inform about U.S. – Korea complimentary Trade Agreement

I’d like to inform about U.S. – Korea complimentary Trade Agreement

Possibilities for U.S. Exporters Beneath The U.S.-Korea Trade Agreement

The U.S.-Korea complimentary Trade Agreement joined into force on March 15, 2012. If you’re A us exporter, listed below are resources to resolve your concerns concerning the U.S.-Korea trade agreement:

  • Take a look at the FTA Tariff Tool to find out of the tariff amounts for the items, along with other information regarding market access beneath the contract.

America together with Republic of Korea finalized the United States-Korea Free Trade Agreement (KORUS FTA) on June 30, 2007.

U.S.-Korea Trade Facts

U.S. products or services trade with Korea totaled an approximated $165.4 billion in 2018. Exports had been $78.8 billion; imports had been $86.6 billion. The U.S. products or services trade deficit with Korea had been $7.8 billion in 2018.

Korea happens to be our 6th biggest products investing partner with $130.8 billion as a whole (two means) products trade during 2018. Products exports totaled $56.5 billion; items imports totaled $74.3 billion. The U.S. products trade deficit with Korea ended up being $17.8 billion in 2018.

Trade in solutions with Korea (exports and imports) totaled a predicted $34.6 billion in 2018. Services exports had been $22.3 billion; solutions imports had been $12.3 billion. The U.S. solutions trade excess with Korea ended up being $10.0 billion in 2018.

Exports

Korea ended up being the united states of america’ 7th biggest items export market in 2017.

U.S. products exports to Korea in 2018 had been $56.5 billion, up 16.9per cent ($8.2 billion) from 2017 or over 63.0% from 2008. U.S. exports to Korea are up 30.0% from 2011 (pre-FTA). U.S. exports to Korea take into account 3.4per cent of overall U.S. exports in 2018.

The export that is top (2-digit HS) in 2018 were: mineral fuels ($10.0 billion), equipment ($7.9 billion), electric equipment ($5.7 billion), optical and medical instruments ($3.5 billion), and aircraft ($3.3 billion).

U.S. total exports of agricultural services and products to Korea totaled $8.3 billion in 2018. Leading export that is domestic consist of: beef & beef items ($1.7 billion), corn ($1.4 billion), pork & pork products ($670 million), good fresh fruit ($491 million), and wheat ($363 million).

U.S. exports of solutions to Korea had been a predicted $22.3 billion in 2018, 6.6per cent ($1.6 billion) significantly less than 2017, but 63.2% higher than 2008 amounts. It had been up roughly 33.8per cent from 2011 (pre-FTA). Leading services exports through the U.S. to Korea had been into the travel, intellectual home (commercial procedures, and pc software), and transportation sectors.

Imports

Korea ended up being the united states of america’ 6th biggest supplier of products imports in 2017.

U.S. items imports from Korea totaled $74.3 billion in 2018, up 4.0% ($2.8 billion) from 2017, or more 54.5% from 2008. U.S. imports from Korea are up 31.1% from 2011 (pre-FTA). U.S. imports from Korea account fully for 2.9per cent of general U.S. imports in 2018.

The top import categories (2-digit HS) in 2018 had been: automobiles ($18 billion), equipment ($15 billion), electric equipment ($14 billion), mineral fuels ($3.2 billion), and pharmaceuticals ($2.7 billion).

U.S. total imports of agricultural wildbuddies bio items from Korea totaled $627 million in 2018. Leading categories consist of: prepared good fresh fresh fresh fruit & veggies ($119 million), goodies ($52 million), other good fresh fruit ($36 million), more vegetables ($22 million), as well as other milk products ($16 million).

U.S. imports of solutions from Korea had been an calculated $12.3 billion in 2018, 13.5per cent ($1.5 billion) a lot more than 2017, and 52.6% more than 2008 amounts. It absolutely was up roughly 26.7per cent from 2011 (pre-FTA). Leading solutions imports from Korea to your U.S. had been into the transportation, travel, and property that is intellectualindustrial procedures) sectors.

Trade Balance

The U.S. products trade deficit with Korea ended up being $17.8 billion in 2018, a 23.0% decrease ($5.3 billion) over 2017.

The usa features solutions trade excess of an approximated $10.0 billion with Korea in 2018, down 23.4% from 2017.

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