Possibilities 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 respond to the questions you have concerning the U.S.-Korea trade agreement:
- Browse the FTA Tariff Tool to find out of the tariff amounts for the products, as well as other details about market access beneath the contract.
America plus the 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 projected $165.4 billion in 2018. Exports had been $78.8 billion; imports had been $86.6 billion. The U.S. items and solutions trade deficit with Korea ended up being $7.8 billion in 2018.
Korea happens to be our 6th biggest products investing partner with $130.8 billion as a whole (two method) products trade during 2018. Products exports totaled $56.5 billion; items 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 an believed $34.6 billion in 2018. Services exports were $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 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 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), 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 domestic export groups consist of: beef & beef items ($1.7 billion), corn ($1.4 billion), pork & pork items ($670 million), fruit ($491 million), and wheat ($363 million).
U.S. exports of solutions to Korea had been a projected $22.3 billion in 2018, 6.6per cent ($1.6 billion) lower than 2017, but 63.2% more than 2008 amounts. It had been up roughly 33.8per cent 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 transport sectors.
Korea ended up being the united states of america’ 6th biggest supplier of products imports in 2017.
U.S. products 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 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 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: prepared fresh fresh fruit & veggies ($119 million), snacks ($52 million), other good fresh fruit ($36 million), fresh veggies ($22 million), along with other dairy food ($16 million).
U.S. imports of solutions from Korea had been a believed $12.3 billion in 2018, 13.5per cent ($1.5 billion) a lot more than 2017, and 52.6% higher than https://hookupdate.net/pl/bronymate-recenzja/ 2008 amounts. It absolutely was up roughly 26.7percent from 2011 (pre-FTA). Leading solutions imports from Korea into the U.S. had been when you look at the transportation, travel, and property that is intellectualcommercial procedures) sectors.
The U.S. items trade deficit with Korea ended up being $17.8 billion in 2018, a 23.0% decrease ($5.3 billion) over 2017.
The usa has an ongoing solutions trade excess of a projected $10.0 billion with Korea in 2018, down 23.4% from 2017.