I want to tell about U.S. – Korea complimentary Trade Agreement

May 15, 2021

Possibilities for U.S. Exporters Underneath 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 here are resources to respond to 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 products, along with other information regarding market access underneath the contract.

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

U.S.-Korea Trade Facts

U.S. products and solutions trade with Korea totaled a predicted $165.4 billion in 2018. Exports had been $78.8 billion; imports had been $86.6 billion. The U.S. items and www.hookupdate.net/pl/zoosk-recenzja/ solutions trade deficit with Korea ended up being $7.8 billion in 2018.

Korea happens to be our 6th largest products dealing 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. items trade deficit with Korea ended up being $17.8 billion in 2018.

Trade in solutions with Korea (exports and imports) totaled a projected $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 had been $10.0 billion in 2018.

Exports

Korea had been 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 more 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 general U.S. exports in 2018.

The top export categories (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 items 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 services and products ($670 million), fruit ($491 million), and wheat ($363 million).

U.S. exports of solutions to Korea had been an projected $22.3 billion in 2018, 6.6per cent ($1.6 billion) significantly less than 2017, but 63.2% higher than 2008 amounts. It absolutely was up roughly 33.8percent 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 supplier that is largest of products imports in 2017.

U.S. products 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 take into account 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 services and products from Korea totaled $627 million in 2018. Leading groups consist of: prepared fresh fresh good fresh fruit & vegetables ($119 million), goodies ($52 million), other fruit ($36 million), fresh vegatables ($22 million), along with other milk products ($16 million).

U.S. imports of solutions from Korea had been a projected $12.3 billion in 2018, 13.5per cent ($1.5 billion) significantly 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 into the U.S. had been into the transportation, travel, and intellectual home (commercial procedures) sectors.

Trade Balance

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

America has an ongoing solutions trade excess of a projected $10.0 billion with Korea in 2018, down 23.4percent from 2017.