New data suggests that higher tariffs on lumber imports to the United States would have little impact on South Korea.
According to the Korea International Trade Association on Sunday, South Korea’s total exports were worth 680 billion U.S. dollars last year, with lumber and derivative products accounting for only zero-point-05 percent of that amount, or some 350 million dollars.
The association found that exports of such products to the U.S. amounted to 120 million dollars last year.
Of that figure, 830-thousand dollars came from kitchen furniture, including kitchen cabinets, made of American lumber exported to South Korea.
U.S. statistics on imports of lumber and wooden furniture found that South Korean products accounted for only zero-point-05 percent of the total.
The data was released after U.S. President Donald Trump ordered a trade investigation on Saturday, which could result in higher tariffs on imported lumber and derivative products.