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S. Korea's trade surplus with US on decline since revised FTA
By YonhapPublished : Nov. 3, 2019 - 09:41
South Korea's trade surplus against the United States has decreased nearly 7 percent since the two countries kicked off a revised free trade agreement earlier this year, data showed Sunday.
Asia's No. 4 economy's trade surplus against the US reached $10 billion over the January-October period, down 6.8 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.
The revised FTA went into effect on Jan. 1 to reflect Washington's demands in the auto sector. The original agreement kicked off in 2012.
Under the new deal, Washington was able to extend a tariff of 25 percent on Korean pickup trucks by another 20 years to 2041.
South Korea also doubled the 25,000-vehicle unit threshold for US car imports that do not have to comply with domestic industry regulations.
Experts, however, said the decrease in the trade surplus from exchanges with the world's top economy does not necessarily mean the revised FTA had an adverse impact on South Korea.
South Korea's exports to the US increased 2.2 percent to $60.7 billion over the cited period, and imports also moved up 4.1 percent to $50.7 billion, the data also showed.
The country's overall exports, on the other hand, decreased 10.3 percent over the period.
The revised FTA will also lend support to South Korea in future negotiations with Washington, experts added.
The US is currently mulling whether to impose tariffs of up to 25 percent on imported autos and parts for reasons of national security as defined in Section 232 of the Trade Expansion Act.
South Korea has lobbied hard to win an exemption from the tariffs on the grounds that it made concessions on automobiles in the revised bilateral free trade deal that went into effect in January. (Yonhap)
