Imports from US
With President Donald Trump's inauguration in January, South Korea’s imports of U.S. products posted the highest growth after 2012.
According to the Korea International Trade Association (KITA) New York Office on March 27, South Korea imported US$7.72 billion (8.55 trillion won) worth of products in the first two months of this year, up 20.8 percent from US$6.39 billion (7.08 trillion won) at the same period last year. The figures are the highest in terms of amount and growth rate after US$7.84 billion (8.69 trillion won and 28.8 percent in 2012.
On the other hand, South Korea’s exports to the U.S. stood at US$10.26 billion (11.37 trillion won) over the same period, down 0.1 percent from US$10.26 (11.38 trillion won) a year earlier. Accordingly, South Korea’s trade surplus with the U.S. during the January-February period decreased by a whopping US$1.3 billion (1.44 trillion won) from US$3.88 billion (4.3 trillion won) last year to US$2.54 billion (2.82 trillion won) this year.
By month, South Korea imported US$3.8 billion (4.21 trillion won) worth of U.S. products in February after President Donald Trump's inauguration, showing a 22.7 percent rise from a year ago, while South Korea’s exports to the U.S. rose 1.7 percent to US$5.3 billion (5.88 trillion won).
By 10 major South Korea’s imported items from the U.S., the imports of feedstuff increased by as much as 266.7 percent, LPG by 214.2 percent, semiconductor manufacturing equipment by 145.9 percent, aircraft by 48.1 percent and aircraft components by 17.4 percent from a year earlier, while the figures of integrated circuit semiconductor decreased by 12 percent, passenger car by 8 percent, medicine and medical supplies by 4.2 percent and synthetic resins by 1.9 percent. For exports, the figures of tire grew by 919.7 percent, jet fuel and lamp oil by 1180.5 percent, steel tube by 127.1 percent, integrated circuit semiconductor by 42.6 percent and secondary memory unit by 37.1 percent compared to the same period last year, while the figures of cordless phone dropped by 42.5 percent, car components by 11.4 percent and passenger car by 3.5 percent.
An official from the KITA said, “The fact that the South Korea’s import of U.S. products and investment in the US are increasing can be used as a card to persuade the U.S. in Korea-U.S. Free Trade Agreement negotiations in the future.”
Meanwhile, the U.S.’ investment in South Korea declined 29 percent to US$3.9 billion (4.32 trillion won) last year, while South Korea’s investment in the U.S. surged 89 percent to US$12.9 billion (14.3 trillion won).