In the past year up to February the surplus hit US$5.8 billion. Since the deal took effect in March 2006 the two countries have also seen more than 50 percent growth in two-way trade volume.

Korea has shown strong exports in ships and petroleum products while Singapore posted a notable rise in shipments of computers and memory chip-related equipment.

Inbound investment from Singapore has also doubled in the last two years to an annual $540 million.

The effects of Korea's four-year-old free trade agreement with Chile, meanwhile, have also been impressive.

Compared to before the accord was signed, two-way trade volume last year has quadrupled to reach $7.5 billion. Chile-bound Korean exports have grown by an average of over 60 percent annually.

The FTA certainly stands in Korea's favor despite the vocal protests before the deal went through, and export growth for Chile falls just shy of 40 percent.

Powering Korea's export growth to the South American country are shipments of cars, tires and steel, while for Chile farm goods like pork, grapes and wines have posted strong gains.

Government officials here explain such a positive outcome proves the advantage of entering certain markets ahead of other competing nations, adding that it also underscores the value of concluding trade pacts with countries including the U.S., which awaits lawmakers' approval on both sides of the Pacific.

Arirang News