[Monitor] Korea's trade surplus with the US drops
Published : Feb 12, 2018 - 16:39
Updated : Feb 12, 2018 - 16:45
The United States exported record-high $48.28 billion worth of goods to South Korea in 2017, while Korea exported $71.16 billion of products to the US, data by the US Department of Commerce showed.
Korea’s trade surplus consequently dropped 17 percent on-year, contrary to Washington’s current claim that the free trade pact was disadvantaging the US.
The US trade deficit stood at $22.88 billion, down $4.69 billion from the $27.57 billion tallied in 2016.
The commerce department attributed the drop in the trade imbalance to US companies increasing exports of semiconductor-related machinery, liquefied petroleum gas and meat produce.
The official data comes as Seoul and Washington are engaged in talks to renegotiate the FTA that went into effect March 2012. (firstname.lastname@example.org)
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