Trading Partner Portal: South Korea
Key Country Contacts
Trade Overview
Korea is California's 5th largest exporting partner. In 2007, California exported $7.5 billion to Korea.
Korea is a significant market for US small and medium-sized companies, which make up a majority of US businesses exporting to Korea.
Korea is a $1 trillion economy and is the United States' 7th largest goods trading partner. Korea's commercial relationship with the United States is largely complementary. In 2006, two-way trade between the two countries totaled over $82 billion. In 2007, U.S. goods exports to Korea were $34.7 billion, a steady increase over the previous five years.
In 2005, U.S. foreign direct investment in Korea totaled roughly $18.8 billion and was concentrated largely in the manufacturing, banking, and wholesale trade sectors. Korea currently enjoys broad access to the U.S. market and the United States is Korea's second largest market, importing 17 percent of Korea's worldwide exported goods.
US Census Bureau Trade in Goods - Canada
WTO Trade Statistics - Republic of Korea
U.S.-Korea Free Trade Agreement
After a year-and-a-half of negotiations, U.S. President George W. Bush signed the U.S.-Korea Free Trade Agreement on June 30, 2007. A successful FTA would be the biggest free trade pact the United States has reached since it entered into the North American Free Trade Agreement (NAFTA) over a decade ago. This comprehensive agreement will be brought up for consideration during the 110th Congress, hopefully in 2008. U.S.-Korea Free Trade Agreement page
Join the California Coalition for Free Trade to help support this bilateral Free Trade Agreement .
Association of Southeast Asian Nations (ASEAN)
Recent Events
| CalChamber Hosts Mayor of Gangnam, Korea |
Korean Ambassador Urges Support for Free Trade Agreement |
|
(January 31, 2008) CalChamber President Allan Zaremberg exchanges business cards with the Mayor Maeng Jung Ju of Gangnam, Korea on January 31, 2008. Accompanying the Korean delegation is Ronnie Guyer (center) field representative for Assemblyman Van Tran (R-Costa Mesa).
|
(August 29, 2007) The California Chamber of Commerce yesterday hosted His Excellency Lee Tae-sik, Korean Ambassador to the United States, at an international luncheon forum where he discussed the U.S.-Korea Free Trade Agreement (FTA), currently pending before Congress, and enumerated the benefits of the FTA for California businesses.
Read the Full Article |