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FTA Boosts Trade with U.S.
Korea JoongAng Daily Mar 17, 2015
Welcoming the third anniversary of the Korea-U.S. Free Trade Agreement going into effect Sunday, analysts said the pact has contributed to boosting Korea’s market share in the U.S. import market, especially useful in combating Japanese exporters who benefitted from a weak yen.
Since the Korea-U.S. FTA went in effect on March 15, 2012, the pact contributed to bringing up overall trade over the past three years and to helping Korea’s trade surplus grow.
According to Korea Customs Service data, Korean exports to the United States were $70.3 billion last year, up 13.3 percent year-on-year, while imports from the U.S. were $45.3 billion, a 9.1 percent on-year increase. Last year, Korea saw a trade surplus with the U.S. of $25 billion compared with $15 billion in 2012.
In the first two months of this year, Korea again saw an uptick in exports, recording $5.6 billion in January and $5 billion last month.
Read Full Article on Korea JoongAng Daily »