The Korea Herald


S. Korea's exports to US up 5.5% per year for 10 years under KORUS FTA

By Yonhap

Published : July 3, 2023 - 11:16

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The flags of South Korea (right) and the United States. (123rf) The flags of South Korea (right) and the United States. (123rf)

South Korea's exports to the United States rose more than 5 percent per year on average over the past decade thanks to the 2012 bilateral free trade agreement, compared with a 1.5 percent increase in the country's overall exports, a think tank said Monday.

South Korea's shipments to the US jumped to $96.3 billion in 2021 from $56.4 billion in 2011, marking a yearly 5.5 percent growth on average, according to the Korea Institute for International Economic Policy.

During the period, the country's overall exports inched up 1.5 percent on-year from $555.2 billion to 644.4 billion.

By sector, shipments of the chemicals, steel and auto sectors to the US have showed marked growth thanks to the Korea-US Free Trade Agreement, with sales of high-tech industries surging more than 50 percent, the think tank said.

Imports from the US also advanced 5 percent on average per year to $73.2 billion in 2021, compared with 1.6 percent growth of South Korea's overall imports during the 2011-2021 period.

South Korea's trade surplus with the US rose to $19.3 billion per year on average during the 2012-2021 period, compared with a yearly average of $9.3 billion logged from 2007-2011, the data showed.

"In 10 years, the KORUS FTA had served as a key tool for the two nations to expand bilateral trade and investment and to ensure stable supply chains," Roh Keon-ki, Seoul's deputy minister for trade negotiations, said during a KIEP seminar.

"The two nations should further deepen the alliance in terms of economy, supply chains, and advanced technologies," he added. (Yonhap)