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S. Korea’s Dependence on Exports to FTA Partners is on the Rise
FTA-depended Exports
S. Korea’s Dependence on Exports to FTA Partners is on the Rise
  • By Jung Suk-yee
  • October 31, 2017, 03:15
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South Korea’s export amount based on FTAs for the first nine months of this year is equivalent to 72.6% of South Korea’s total export.
South Korea’s export amount based on FTAs for the first nine months of this year is equivalent to 72.6% of South Korea’s total export.

 

South Korea’s exports to the 52 countries that have signed FTAs with it added up to US$312.344 billion for the first nine months of this year, according to the Korea International Trade Association. The amount is equivalent to 72.6% of South Korea’s total exports during the same period and the ratio increased 1.9 percentage points from a year ago.

During the period, South Korea’s exports to the 52 countries showed a rate of growth of 21.7% year on year. Meanwhile, the overall export growth of South Korea was 18.5% for the nine months. South Korea’s imports from the 52 countries and total imports increased 17.5% and 20.1%, respectively.

South Korea’s exports to Australia and Denmark jumped 214.9% and 256.6%, led by ship and automobile exports. Likewise, its exports to Vietnam, which is the third-largest export destination for South Korea, increased 50.5% from a year earlier.

South Korea’s total exports to China increased 13.4% year on year to US$101.665 billion. South Korea and China signed their FTA three years ago. The former’s total exports to the United States added up to US$52.223 billion, up 5.3% from a year ago, during the period.