US-South Korea Imports and Exports

US-South Korea Two-Way Trade Has Increased 84% in a Decade

South Korea is the United States’ seventh largest two-way trading partner, while the US is South Korea’s 3rd largest. US exports of goods to South Korea are valued at roughly $43 billion, an increase of 92% from 2002. South Korea’s exports of goods to the US are worth over $58 billion, up 79% since 2002. The total value of US-South Korea two-way trade of goods and services exceeds $125 billion annually. South Korea’s trade surplus on goods with the US totaled $16 billion in 2012, while the US trade surplus on services with South Korea totaled $8 billion.

The Korea-US Free Trade Agreement (KORUS FTA), implemented in March of 2012, will eliminate nearly 95 percent of all bilateral tariffs by 2017.

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Composition of Trade Between the US and South Korea

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Korea Ranks Highly Among US Trade Partners.

29 US States and 11 South Korean Regions Have More Than Doubled Exports in the Last Decade

An additional ten US states have increased exports to South Korea by at least 50% during this period. Twenty-five states export more than $500 million a year to South Korea. Of South Korea’s 16 provinces and independent municipalities, 11 have more than doubled exports to the US between 2002 and 2012. Three cities and two provinces each exported more than $5 billion to the US in 2012.

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State Per Capita Goods Exports to Korea, 2012

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Top Ten States: Goods Exporters to Korea, 2012

In 2012, the United States exported $62.73 billion in goods and services to South Korea.

US Exports to South Korea (1999-2012)

 

In 2012, the United States imported $71.45 billion in goods and services from South Korea.

US Imports from South Korea (1999-2012)Source: US Bureau of Economic Analysis

Export of Goods to South Korea Per State (USD)

State 2001 2011 Annual Percent Change
Alabama 127,252,150 523,045,703 15.2%
Alaska 463,090,974 642,252,644 3.3%
Arizona 286,840,784 379,592,223 2.8%
Arkansas 99,738,563 195,069,051 6.9%
California 5,034,854,042 8,425,947,995 5.3%
Colorado 248,046,401 225,761,294 -0.9%
Connecticut 190,875,981 486,054,768 9.8%
Delaware 31,651,130 135,122,523 15.6%
District of Columbia 6,282,456 1,663,501 -12.4%
Florida 258,821,215 520,313,722 7.2%
Georgia 239,212,454 894,042,938 14.1%
Hawaii 55,562,185 95,496,090 5.6%
Idaho 65,817,762 531,744,024 23.2%
Illinois 527,216,261 804,057,367 4.3%
Indiana 220,903,365 632,825,857 11.1%
Iowa 89,172,360 318,423,600 13.6%
Kansas 227,495,349 274,692,965 1.9%
Kentucky 121,820,517 508,917,326 15.4%
Louisiana 549,532,337 2,094,837,817 14.3%
Maine 35,133,863 126,915,180 13.7%
Maryland 105,661,366 539,208,191 17.7%
Massachusetts 491,003,895 1,026,364,337 7.7%
Michigan 398,793,429 970,769,277 9.3%
Minnesota 302,130,955 702,086,419 8.8%
Mississipi 57,275,609 81,985,887 3.7%
Missouri 79,747,119 608,396,361 22.5%
Montana 7,597,102 227,586,926 40.5%
Nebraska 122,953,618 331,849,608 10.4%
Nevada 14,929,317 66,137,723 16.0%
New Hampshire 28,605,930 137,609,804 17.0%
New Jersey 725,730,606 1,331,595,143 6.3%
New Mexico 101,015,465 29,631,177 -11.5%
New York 880,164,917 1,967,985,305 8.4%
North Carolina 423,067,448 600,499,461 3.6%
North Dakota 2,107,487 11,212,038 18.2%
Ohio 409,166,211 757,778,057 6.4%
Oklahoma 45,772,348 87,815,332 6.7%
Oregon 829,313,657 1,062,453,190 2.5%
Pennsylvania 363,754,410 1,077,155,202 11.5%
Puerto Rico 117,047,922 138,105,306 1.7%
Rhode Island 26,901,462 29,106,775 0.8%
South Carolina 116,741,661 425,442,187 13.8%
South Dakota 5,721,798 22,422,044 14.6%
Tennessee 198,732,315 652,170,351 12.6%
Texas 1,765,710,107 7,432,734,633 15.5%
Utah 127,629,999 222,728,160 5.7%
Vermont 187,333,649 152,078,739 -2.1%
Virginia 212,064,857 326,553,294 4.4%
Virgin Islands 2,398,909 56,726,095 37.2%
Washington 2,131,280,028 3,261,267,790 4.3%
West Virginia 68,688,547 377,013,914 18.6%
Wisconsin 220,858,699 420,777,130 6.7%
Wyoming 33,615,191 42,307,569 2.3%

Source: US Department of Commerce: International Trade Administration - Trade Stats Express