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FTA Revisions Lead to 7% Decline in S. Korea's Trade Surplus with US

Written: 2019-11-04 10:00:55Updated: 2019-11-04 11:09:09

FTA Revisions Lead to 7% Decline in S. Korea's Trade Surplus with US

Photo : YONHAP News

South Korea's trade surplus with the United States has decreased nearly seven percent since the two allies' revised free trade agreement(FTA) took effect earlier this year.

According to data from the Ministry of Trade, Industry and Energy on Sunday, South Korea's trade surplus with the U.S. reached ten billion dollars over the January-October period, down six-point-eight percent from a year earlier.

South Korea's exports to the U.S. increased two-point-two percent to 60-point-seven billion dollars over the cited period, and imports rose four-point-one percent to 50-point-seven billion dollars.

A researcher at the Korea International Trade Association said that the narrower trade surplus does not necessarily mean the revised FTA had an adverse impact on South Korea.

The researcher noted that South Korea-U.S. trade maintained solid growth despite an overall sharp decrease in exports and imports this year. 

The revised FTA, which includes concessions on automobiles by South Korea demanded by the U.S., went into effect January first.

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