Sunday, April 1, 2012

FTA brings big changes to trade numbers

As expected, Americans exported a lot more goods to south Korea following tariff-reducing implementation of the long delayed FTA.

Moreover, South Korean exports to the United States "jumped nearly 28 percent thanks to the free trade agreement." This is very important because this leap offset a reduction in exports to China and the European Union, too key destinations for South Korean goods.

Overall, exports fell by 1.4 percent from a year earlier. Had the numbers not been so stellar with the United States, that number would have been considerably worse.

Exports reached $47.36 billion in March, while imports dropped to $45.03 billion, leaving a trade surplus.

Anyway, that rise in ROK exports to the United States makes it a tougher sell for the progressives to renegotiate or scrap the FTA altogether.


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