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FTA boosts Korean textile exports to US
17 Sep '12
1 min read
Korean textile exports to the US experienced a tremendous boost after the free trade agreement between South Korea and the US (KORUS FTA) came into effect on March 15 this year.
Exports of textiles, chemicals and machineries from Korea witnessed a significant 22 percent year-on-year growth during the six months since the KORUS FTA was put into force, according to the Korea Customs Service data.
The jump in Korean textile exports was much higher than the increase in exports of other items which did not entail any tariff cut or elimination under the FTA.
From March 15 to September 7 this year, overall South Korean exports to the US touched US$ 29.1 billion, showing a rise of 3.7 percent year-on-year.
During the same period, total Korean imports from the US declined by 7 percent year-on-year to US$ 21.2 billion, thus increasing Korean trade surplus to US$ 7.9 billion after the implementation of KORUS FTA.
The trade surplus with the US accounted for nearly 50 percent of South Korea’s total trade surplus of US$ 16.8 billion during the period under review.
Fibre2fashion News Desk - India
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