U.S. Trade Deficit with Korea Grows 1 Year After FTA

      February 12, 2013 13:14

      The U.S.' trade deficit with Korea grew markedly in 2012, a year after a bilateral free trade agreement went into effect.

      According to data from the U.S. Commerce Department, Washington's trade deficit with Seoul stood at US$16.56 billion in 2012, up 25 percent from 2010.

      Imports from Korea increased 3.9 percent to $58.9 billion, while exports to Korea dropped 2.5 percent to $42.3 billion.

      The auto sector was the main causes of the U.S. deficit. It imported $18.6 billion worth of cars and parts from Korea, while exporting only $1.36 billion, resulting in a 22.2 percent rise in the deficit in that sector from the previous year.

      But the U.S. managed to narrow the deficit by 82.8 percent in advanced technology, which includes electronics, information and technology, biotechnology and space products.

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