Merchandise trade between South Korea and the US has risen 68% in the ten years since the FTAs ​​went into effect – KBS WORLD

Photo: Yonhap News

Trade in merchandise between South Korea and the United States has increased nearly 68% in the past 10 years since the bilateral Free Trade Agreement (FTA) came into force.

This is according to a report released Friday by the Institute of International Trade of the Korea International Trade Association (KITA).

According to the report, trade in goods between the two countries grew by 67.8 percent from $100.8 billion in 2011 to $169.1 billion in 2021. The FTA entered into force in March 2012.

South Korea’s export business has boomed in automobiles, parts, petroleum products, secondary batteries, refrigerators, and plastics, among others. Thanks to export growth, South Korea’s trade surplus with the United States nearly doubled to $22.7 billion in 2021, from $11.6 billion the year before the FTA went into effect.

The United States accounts for the largest share of foreign direct investment (FDI) in South Korea and is also the number one investment destination for Korean companies abroad.

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