Top Trading Partners
Total Trade: $119.44 billion
|4||New York City||$9,350,700,392|
January – December 2017
Top U.S. Trading Partners
Total U.S. trade: $3.89 trillion
South Korea’s trade rose to $119.44 billion through December
South Korea’s trade with the United States rose 6.45 percent, from $112.2 billion to $119.44 billion when compared to the same period the previous year, according to a WorldCity analysis of latest U.S. Census Bureau data. U.S. exports to South Korea increased 14.22 percent while imports from South Korea rose 1.76 percent. The U.S. deficit with South Korea was $22.89 billion.
South Korea ranked No. 6 among the United States’ top trade partners through the current period. In the same period one year ago, it ranked No. 7. South Korea’s top U.S. Customs districts for total imports and exports were No. 1 Los Angeles, No. 2 San Francisco, No. 3 Atlanta/Savannah, No. 4 New York City and No. 5 Dallas compared to the last year when the top spots were held by No. 1 Los Angeles, No. 2 Atlanta/Savannah, No. 3 San Francisco, No. 4 Chicago and No. 5 New York City. In the current time period, the top five accounted for 54.5 percent of South Korea’s U.S. trade. That compares to 53.87 percent for the nation’s top five Customs districts during the same time period in the previous year.
Taking a closer look:
- Trade with No. 1 Los Angeles rose 8.55 percent to $24.9 billion.
Exports rose 7.96 percent to $10.69 billion. Imports rose 9 percent to $14.21 billion.
- Trade with No. 2 San Francisco rose 35.33 percent to $12.17 billion.
Exports rose 55.21 percent to $6.71 billion. Imports rose 16.94 percent to $5.46 billion.
- Trade with No. 3 Atlanta/Savannah fell 3.81 percent to $10.38 billion.
Exports rose 9.4 percent to $2.08 billion. Imports fell 6.64 percent to $8.3 billion.
- Trade with No. 4 New York City rose 6.52 percent to $9.35 billion.
Exports rose 11.93 percent to $4.51 billion. Imports rose 1.93 percent to $4.84 billion.
- Trade with No. 5 Dallas rose 19.92 percent to $8.3 billion.
Exports rose 35.27 percent to $4.17 billion. Imports rose 7.59 percent to $4.13 billion.
Through December, 17 Customs districts posted trade surpluses with South Korea while 29 had deficits. That compares with 14 surpluses and 32 deficits for the same period one year ago. The top surplus was with San Francisco at $1.25 billion, the largest deficit was with Atlanta/Savannah at $6.22 billion.
Top Exports to South Korea
Total YTD: $48.28 billion
|1||Machinery, parts for semiconductor manufacturing||$5,729,499,972|
|3||Civilian aircraft, parts||$2,862,589,785|
|4||Petroleum gases, other gaseous hydrocarbons||$1,819,009,177|
|5||Motor vehicles for transporting people||$1,555,374,445|
|6||Cell phones, related equipment||$1,276,096,084|
January – December 2017
Top Imports from South Korea
Total YTD: $71.16 billion
|1||Motor vehicles for transporting people||$15,733,969,622|
|2||Cell phones, related equipment||$6,159,150,792|
|3||Motor vehicle parts||$3,974,603,631|
|4||Gasoline, other fuels||$2,799,422,256|
|8||Iron and steel pipes and tubing||$1,282,348,861|
|9||Plasma, vaccines, blood||$1,164,613,859|
|10||Photo-sensitive semi-conductors, parts||$1,162,380,715|
Meanwhile, total U.S. trade with the world increased to $3.89 trillion, up 6.77 percent compared to the same period last year. The nation’s exports climbed 6.4 percent to $1.55 trillion; imports climbed 7.02 percent to $2.34 trillion. The nation’s top five countries so far this year, by value, are China; Canada; Mexico; Japan and Germany. The overall trade deficit was $796.17 billion, up compared to the same period of last year when the deficit was $735.46 billion.
The top five U.S. exports to South Korea, by value through December were the categories of Machinery, parts for semiconductor manufacturing; Computer chips; Civilian aircraft, parts; Petroleum gases, other gaseous hydrocarbons; and Motor vehicles for transporting people, respectively. They accounted for 31.25 percent of total exports to South Korea.
The value of the top five categories of U.S. imports from South Korea –– Motor vehicles for transporting people; Cell phones, related equipment; Motor vehicle parts; Gasoline, other fuels; and Computer parts –– accounted for 44.06 percent of all inbound shipments.
Looking more closely at U.S. exports to South Korea:
- Machinery, parts for semiconductor manufacturing rose 111.46 percent compared to last year to $5.73 billion.
- Computer chips rose 16.14 percent compared to last year to $3.12 billion.
- Civilian aircraft, parts fell 18.35 percent compared to last year to $2.86 billion.
- Petroleum gases, other gaseous hydrocarbons rose 111.73 percent compared to last year to $1.82 billion.
- Motor vehicles for transporting people fell 2.02 percent compared to last year to $1.56 billion.
Looking more closely at U.S. imports from South Korea:
- Motor vehicles for transporting people fell 2.1 percent compared to last year to $15.73 billion.
- Cell phones, related equipment fell 12.1 percent compared to last year to $6.16 billion.
- Motor vehicle parts fell 12.91 percent compared to last year to $3.97 billion.
- Gasoline, other fuels rose 27.88 percent compared to last year to $2.8 billion.
- Computer parts rose 96.03 percent compared to last year to $2.69 billion.
In the latest annual figures available, South Korea recorded $112.2 billion in trade with the United States. At year’s end, its top five Customs districts were Los Angeles; Atlanta/Savannah; San Francisco; Chicago; and New York City. Total U.S. exports to South Korea were $ 42.27 billion and imports from South Korea were $69.93 billion. The U.S. deficit with South Korea was $27.67 billion.