Opportunities for U.S. Exporters Under the U.S.-Korea Trade Agreement
The U.S.-Korea Free Trade Agreement entered into force on March 15, 2012. If you’re an American exporter, here are resources to answer your questions about the U.S.-Korea trade agreement:
• Check out the FTA Tariff Tool to find out the tariff levels for your products, and other information about market access under the agreement.
The United States and the Republic of Korea signed the United States-Korea Free Trade Agreement (KORUS FTA) on June 30, 2007.
South Korea Trade & Investment Summary
U.S. goods and services trade with Korea, South totaled an estimated $224.4 billion in 2022. Exports were $94.4 billion; imports were $130.1 billion. The U.S. goods and services trade deficit with Korea, South was $35.7 billion in 2022.
U.S. goods exports to Korea, South in 2022 were $72.1 billion, up 9.5 percent ($6.3 billion) from 2021 and up 71 percent from 2012. U.S. goods imports from Korea, South totaled $115.4 billion in 2022, up 21.3 percent ($20.3 billion) from 2021, and up 96 percent from 2012. U.S. exports to Korea, South account for 3.5 percent of overall U.S. exports in 2022. The U.S. goods trade deficit with Korea, South was $43.3 billion in 2022, a 48.0 percent increase ($14.0 billion) over 2021.
U.S. exports of services to Korea, South were an estimated $22.2 billion in 2022, 15.8 percent ($3.0 billion) more than 2021, and 11 percent greater than 2012 levels. U.S. imports of services from Korea, South were an estimated $14.7 billion in 2022, 16.6 percent ($2.1 billion) more than 2021, and 44 percent greater than 2012 levels. Leading services exports from the U.S. to Korea, South were in the transportation, travel, and intellectual property sectors. The United States had a services trade surplus of an estimated $7.6 billion with Korea, South in 2022, up 14.3 percent from 2021.
U.S. foreign direct investment (FDI) in Korea, South (stock) was $36.7 billion in 2022, a 10.8 percent decrease from 2021. U.S. direct investment in Korea, South is led by manufacturing, finance and insurance, and wholesale trade.
Korea, South's FDI in the United States (stock) was $74.7 billion in 2022, up 5.8 percent from 2021. Korea, South's direct investment in the U.S. is led by wholesale trade, manufacturing, and depository institutions.