South Korea's market share in U.S. hits 15 year-high
Korea's overall exports have been on a downward spiral for 14 straight months, down eight percent on-year, but thanks to the four-year-old free trade agreement, shipments to the U.S. nudged down just 0.6 percent.
Korea's share of the U.S. market reached 3.2 percent last year, the highest in 15 years, said an official at the Ministry of Trade, Industry and Energy.
The figure may seem small, but compared to Japan, which does not have an FTA with the U.S., Korea’s share has been on a steady upward trend.
Imports from the U.S. also fell slightly last year. While there was an uptick in cars and LPG, the overall drop was mainly driven by a slump in imports of grain, stock feed and medical products.
Despite Korean farmers' concerns that imports of agricultural produce, livestock and fish from the U.S. would rise, imports of those goods fell more than 10 percent last year. ■