Opportunities 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 youвЂ™re A us exporter, listed below are resources to resolve your concerns concerning the U.S.-Korea trade agreement:
- Read the FTA Tariff Tool to find the tariff levels out for the services and products, along with other information on market access underneath the contract.
The usa together with 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 or services trade with Korea totaled a believed $165.4 billion in 2018. Exports had been $78.8 billion; imports had been $86.6 billion. The U.S. products and solutions trade deficit with Korea ended up being $7.8 billion in 2018.
Korea happens to be our 6th biggest items partner that is trading $130.8 billion as a whole (two means) items trade during 2018. Goods exports totaled $56.5 billion; products imports totaled $74.3 billion. The U.S. products trade deficit with Korea had been $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.
Korea had been the United States’ 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% https://hookupdate.net/pl/interracialdatingcentral-recenzja/ from 2011 (pre-FTA). U.S. exports to Korea account fully for 3.4per cent of general 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), electrical machinery ($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 domestic export groups consist of: beef & beef services and products ($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 a predicted $22.3 billion in 2018, 6.6per cent ($1.6 billion) not as much as 2017, but 63.2% higher than 2008 amounts. It was up roughly 33.8percent from 2011 (pre-FTA). Leading services exports through the U.S. to Korea had been within the travel, intellectual home (commercial procedures, and pc software), and transportation sectors.
Korea had been 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 over 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 services and products from Korea totaled $627 million in 2018. Leading groups consist of: prepared good fresh fresh good fresh good fresh fruit & veggies ($119 million), goodies ($52 million), other good fresh fruit ($36 million), more fresh vegetables ($22 million), along with other milk products ($16 million).
U.S. imports of solutions from Korea had been an calculated $12.3 billion in 2018, 13.5percent ($1.5 billion) significantly more than 2017, and 52.6% higher than 2008 amounts. It had been up roughly 26.7percent from 2011 (pre-FTA). Leading services imports from Korea into the U.S. had been within the transportation, travel, and property that is intellectualcommercial procedures) sectors.
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 has solutions trade excess of an calculated $10.0 billion with Korea in 2018, down 23.4percent from 2017.