Trade with US
It has been found that Korea’s total exports to the United States have increased while imports have decreased since the implementation of the KORUS FTA two years ago.
According to the Korea Customs Service, Korea’s total exports and imports to and from the US added up to US$62 billion and US$41.5 billion in 2013. The trade surplus jumped 76.7 percent from two years earlier, when the KORUS FTA had not yet been implemented.
By industry segment, the auto industry recorded the highest growth rate. Car exports amounted to US$18.2 billion and imports were US$1.2 billion last year, while the figures were US$13.6 billion and US$0.8 billion in 2011, respectively. The automobile industry had been subject to an 8.0 percent tariff, but the rate was lowered to 2.5 percent with the implementation of the KORUS FTA. The tariff is scheduled to be eliminated in 2016.
In the meantime, the trade deficit of the meat industry has declined significantly since the FTA. Specifically, the exports and imports were US$370,000 and US$954.09 million each to result in a deficit of US$953.81 million. The amount had been US$1,287.85 million in 2011.
The fruit industry’s deficit for last year was US$651.57 million though, increasing by approximately US$200 million from US$439.49 million of 2011.