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 youвЂ
re A us exporter, listed here are resources to resolve the questions you have 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 details about market access underneath the contract.
The usa as well as the Republic of Korea signed the United States-Korea complimentary Trade Agreement (KORUS FTA) on 30, 2007 june.
U.S.-Korea Trade Facts
U.S. products or services trade with Korea totaled a calculated $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 method) products trade during 2018. Products exports totaled $56.5 billion; products imports totaled $74.3 billion. The U.S. products trade deficit with Korea ended up being $17.8 billion in 2018.
Trade in solutions with Korea (exports and imports) totaled a believed $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.
Exports
Korea had been the united states of america’ 7th biggest items export market in 2017.
U.S. items 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 account fully for 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 include: 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 calculated $22.3 billion in 2018, 6.6per cent ($1.6 billion) significantly less than 2017, but 63.2% more than 2008 amounts. It had been 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 had been the united states of america’ 6th supplier that is largest 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 import that is top (2-digit HS) in 2018 had been: cars ($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 items from Korea totaled $627 million in 2018. Leading groups consist of: processed fresh good fresh fruit & veggies ($119 million), goodies ($52 million), other fruit that is fresh$36 million), fresh veggies ($22 million), as well as other dairy food ($16 million).
U.S. imports of solutions from Korea had been an approximated $12.3 billion in 2018, 13.5percent ($1.5 billion) a lot more than 2017, and 52.6% higher than 2008 amounts. It had been up roughly 26.7per cent from 2011 (pre-FTA). Leading solutions imports from Korea to your U.S. had been when you look at the transportation, travel, and intellectual home (commercial processes) sectors.
Trade Balance
The U.S. items trade deficit with Korea had been $17.8 billion in 2018, a 23.0% decrease ($5.3 billion) over 2017.
The usa features solutions trade excess of an calculated $10.0 billion with Korea in 2018, down 23.4percent from 2017.