South Korean imports from the European Union grew at a far faster pace than its exports to the economic bloc over the three months since their bilateral free trade deal took effect in July, data showed Sunday.

In the July-September period, South Korean imports from the EU came to $12.35 billion, registering an average monthly increase rate of 26.5 percent, according to the data by the Ministry of Knowledge Economy and the Korea International Trade Association.

In contrast, South Korean shipments to the region expanded at a monthly average rate of a mere 0.8 percent to $13 billion during the period, the data showed.

South Korea posted a trade surplus of $652 million over the cited period, down sharply from the $3.14 billion surplus recorded during the same period a year earlier. (Yonhap News)





Bilateral trade during the July-September period climbed 11.9 percent on-year to $25.36 billion, according to the data.

South Korea’s free trade agreement with the EU went into effect on July 1. Under the deal, both sides promised to eliminate or phase out tariffs on 96 percent of EU goods and 99 percent of South Korean goods within three years. 

(Yonhap News)