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 here are resources to answer the questions you have concerning the trade agreement that is u.S.-Korea
- Browse the FTA Tariff Tool to find out of the tariff amounts for the items, along with other information regarding market access beneath the contract.
America plus the Republic of Korea signed the United States-Korea complimentary Trade Agreement (KORUS FTA) on 30, 2007 june.
U.S.-Korea Trade Facts
U.S. items and solutions trade with Korea totaled an approximated $165.4 billion in 2018. Exports had been $78.8 billion; imports had been $86.6 billion. The U.S. products and solutions trade deficit with Korea ended up being $7.8 billion in 2018.
Korea is our 6th biggest items partner that is trading $130.8 billion as a whole (two means) items trade during 2018. Products exports totaled $56.5 billion; items imports totaled $74.3 billion. The U.S. items trade deficit with Korea had been $17.8 billion in 2018.
Trade in services with Korea (exports and imports) totaled a predicted $34.6 billion in 2018. Services exports had been $22.3 billion; solutions imports had been $12.3 billion. The U.S. services trade surplus with Korea had been $10.0 billion in 2018.
Korea was 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 more 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 top export categories (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 services and products ($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) significantly less than 2017, but 63.2% higher than 2008 amounts. It absolutely was up roughly 33.8percent from 2011 (pre-FTA). Leading services exports through the U.S. to Korea had been within the travel, intellectual home (commercial procedures, and software applications), and transportation sectors.
Korea had been 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 more 54.5% from 2008. U.S. imports from Korea are up 31.1% from 2011 (pre-FTA). U.S. imports from Korea account fully for 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 good fresh fresh fresh fresh fruit & vegetables ($119 million), snacks ($52 million), other good fresh fruit ($36 million), fresh vegatables ($22 million), along with other milk products ($16 million).
U.S. imports of solutions from Korea had been an believed $12.3 billion in 2018, 13.5per cent ($1.5 billion) a lot more than 2017, and 52.6% higher than 2008 amounts. It absolutely was up roughly 26.7per cent from 2011 (pre-FTA). Leading solutions imports from Korea into the U.S. had been when you look at the transportation, travel, and intellectual home (commercial procedures) sectors.
The U.S. items trade deficit with Korea had been $17.8 billion in 2018, a 23.0% decrease ($5.3 billion) over 2017.
The usa has solutions https://hookupdate.net/cs/millionairematch-recenze/ trade excess of an predicted $10.0 billion with Korea in 2018, down 23.4percent from 2017.