Possibilities for U.S. Exporters Underneath The U.S.-Korea Trade Agreement
The U.S.-Korea complimentary Trade Agreement entered 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:
- Take a look at the FTA Tariff Tool to find out of the tariff amounts for the items, as well as other information regarding market access beneath the contract.
America in addition to Republic of Korea finalized the United States-Korea pussy saga znaczenie complimentary Trade Agreement (KORUS FTA) on June 30, 2007.
U.S.-Korea Trade Facts
U.S. products or services trade with Korea totaled an projected $165.4 billion in 2018. Exports had been $78.8 billion; imports were $86.6 billion. The U.S. products or services trade deficit with Korea ended up being $7.8 billion in 2018.
Korea happens to be our 6th biggest products exchanging partner with $130.8 billion as a whole (two method) items 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 calculated $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 had been $10.0 billion in 2018.
Korea had been the united states of america’ 7th biggest products 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 over 63.0% from 2008. U.S. exports to Korea are up 30.0% from 2011 (pre-FTA). U.S. exports to Korea take into account 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), electric equipment ($5.7 billion), optical and medical instruments ($3.5 billion), and aircraft ($3.3 billion).
U.S. total exports of agricultural services and products to Korea totaled $8.3 billion in 2018. Leading export that is domestic consist of: beef & beef services and products ($1.7 billion), corn ($1.4 billion), pork & pork items ($670 million), good fresh fruit ($491 million), and wheat ($363 million).
U.S. exports of solutions to Korea had been an projected $22.3 billion in 2018, 6.6% ($1.6 billion) not as much as 2017, but 63.2% more than 2008 amounts. It absolutely was up roughly 33.8per cent from 2011 (pre-FTA). Leading services exports through the U.S. to Korea had been into the travel, intellectual home (commercial procedures, and software applications), and transportation sectors.
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 more 54.5% from 2008. U.S. imports from Korea are up 31.1% from 2011 (pre-FTA). U.S. imports from Korea take into account 2.9per cent of general U.S. imports in 2018.
The top import categories (2-digit HS) in 2018 had been: cars ($18 billion), equipment ($15 billion), electric machinery ($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 fresh good fresh fresh fruit & veggies ($119 million), goodies ($52 million), other good fresh fruit ($36 million), fresh veggies ($22 million), as well as other milk products ($16 million).
U.S. imports of solutions from Korea had been a calculated $12.3 billion in 2018, 13.5per cent ($1.5 billion) significantly more than 2017, and 52.6% more than 2008 amounts. It had been up roughly 26.7percent 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 procedures) sectors.
The U.S. products trade deficit with Korea had been $17.8 billion in 2018, a 23.0% decrease ($5.3 billion) over 2017.
The usa features an ongoing solutions trade excess of a believed $10.0 billion with Korea in 2018, down 23.4percent from 2017.