Contrast with the overall decline in exports…Expanding the trade surplus to 16.6 billion won
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Exports to the United States last year, the 9th year of the Korea-US Free Trade Agreement (FTA) effective, increased 1.1% to 74.1 billion dollars despite the new coronavirus infection (Corona 19). In contrast, Korea’s total exports declined 5.5% last year.
According to the’Trade Trends in the 9th Year of Korea-US FTA Effectiveness’ announced by the Ministry of Trade, Industry and Energy on the 14th, the amount of trade in goods between the two countries last year was estimated at $131.6 billion, a 2.7% decrease from the previous year. The amount of trade in goods between the two countries has increased for three consecutive years since 2017, reaching a record high of $135.2 billion in 2019. The extent of the decrease in the amount of trade between Korea and the United States is small compared to last year’s global trade volume declined by 6.3% compared to the previous year due to the Corona 19 incident. South Korea’s exports to the United States rose 1.1% to $74.1 billion, and imports to the United States decreased by 7.1% to $57.5 billion.
The amount of investment between Korea and the United States also declined, so Korea’s investment in the United States (accumulated in the third quarter) was $9.56 billion in remittance, down 7.6% from the same period last year. Last year, US companies’ investments in Korea fell for the first time since 2016, down 26.4% based on arrivals to $1.03 billion. An official from the Ministry of Industry said, “Recently, the US investment in Korea is expanding to new industries related to the fourth industry such as semiconductor, cloud, and e-commerce.”
/ Sejong = Reporter Yang Chul-min [email protected]
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