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[Monitor] Korea's trade surplus with the US drops

Feb. 12, 2018 - 16:39 By Lee Joo-hee

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. (