May 21, 2012 10:38
Korea's total trade volume decreased over the last two months due to the European fiscal crisis and slower growth in China, but exports to the U.S. rose 11 percent thanks to the free trade agreement.
According to the Korea Customs Service on Sunday, exports to the U.S. rose 11.3 percent to US$11.18 billion between March 15, when the Korea-U.S. FTA went into effect, and May 14.
The increase was especially marked for products subject to tariff cuts under the FTA. For instance, exports of automotive parts rose 15 percent over the period, petroleum products 42 percent, rubber products 10 percent and textiles 7.4 percent. Exports of products that get no tariff benefits rose on average 6.9 percent.
Over the two months, Korea exported a total of $93.4 billion worldwide, down 4 percent on-year, while imports amounted to $89 billion, down 2.3 percent.
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