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South Korea

South Korea ranked No. 6 in total trade value through August with a total of $90.11 billion. Exports totaled $37.62 billion and Imports totaled $52.49 billion, a deficit of $14.87 billion.

January – August 2019

Top Trading Ports

Total Trade: $90.11 billion

RankPortTotal YTD
1Port of Los Angeles $10,117,665,699
2Dallas-Fort Worth International Airport, Texas $5,496,754,972
3Port of Houston $5,405,726,036
4San Francisco International Airport, Calif. $5,166,673,703
5Port of Savannah, Ga. $4,470,993,999
6Port of Long Beach $4,169,028,572
7Port of Newark $4,145,545,999
8Anchorage International Airport, Alaska $3,762,499,363
9Chicago O’Hare International Airport $3,346,659,796
10John F. Kennedy International Airport $2,845,179,753

U.S. trade with South Korea rose to $90.11 billion through August

South Korea’s trade with the United States rose to $90.11 billion through the first eight months of 2019, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 6.85 percent above its total trade during the same time period last year. U.S. exports to South Korea increased 3.64 percent while U.S. imports from South Korea rose 9.28 percent. The U.S. deficit with South Korea was $14.87 billion.

Through August, the top five among the nation’s airports, seaports and border crossings were No. 1 Port of Los Angeles; No. 2 Dallas-Fort Worth International Airport, Texas; No. 3 Port of Houston; No. 4 San Francisco International Airport, Calif.; and No. 5 Port of Savannah, Ga.. During the same period the previous year, the top five were No. 1 Port of Los Angeles No. 2 San Francisco International Airport, Calif. No. 3 Port of Long Beach No. 4 Dallas-Fort Worth International Airport, Texas and No. 5 Port of Houston. In the current time period, the top five accounted for 34.02 percent of South Korea’s U.S. trade.

Among those top five:

  • Trade with No. 1 Port of Los Angeles rose 3.93 percent to $10.12 billion.
    Exports rose 3.26 percent to $2.19 billion. Imports rose 4.12 percent to $7.93 billion.
  • Trade with No. 2 Dallas-Fort Worth International Airport, Texas rose 3.28 percent to $5.5 billion.
    Exports fell 12.73 percent to $2.52 billion. Imports rose 22.25 percent to $2.98 billion.
  • Trade with No. 3 Port of Houston rose 22.89 percent to $5.41 billion.
    Exports rose 51.58 percent to $3.18 billion. Imports fell 3.2 percent to $2.23 billion.
  • Trade with No. 4 San Francisco International Airport, Calif. fell 17.25 percent to $5.17 billion.
    Exports fell 28.15 percent to $2.16 billion. Imports fell 7.14 percent to $3.01 billion.
  • Trade with No. 5 Port of Savannah, Ga. rose 19.02 percent to $4.47 billion.
    Exports fell 8.95 percent to $533.4 million. Imports rose 24.18 percent to $3.94 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. 6.

Meanwhile, total U.S. trade with the world increased to $2.77 trillion, down 0.32 percent compared to the same period last year. The nation’s exports dropped 0.71 percent to $1.1 trillion; imports dropped 0.07 percent to $1.67 trillion. The nation’s top five countries so far this year, by value, are Mexico; Canada; China; Japan and Germany. The overall trade deficit was $575.47 billion, up compared to the same period of last year when the deficit was $568.8 billion.

The top five U.S. exports to South Korea by value through August were the categories of Oil; Machinery, parts for semiconductor manufacturing; Computer chips; Civilian aircraft, parts; and Petroleum gases, other gaseous hydrocarbons, respectively. They accounted for 35.17 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 42.58 percent of all inbound shipments.

Looking more closely at U.S. exports to South Korea:

  • Oil rose 163.28 percent compared to last year to $6.03 billion.
  • Machinery, parts for semiconductor manufacturing fell 34.57 percent compared to last year to $2.17 billion.
  • Computer chips fell 7.69 percent compared to last year to $2.07 billion.
  • Civilian aircraft, parts fell 21.99 percent compared to last year to $1.51 billion.
  • Petroleum gases, other gaseous hydrocarbons fell 23.63 percent compared to last year to $1.45 billion.

Looking more closely at U.S. imports from South Korea:

  • Motor vehicles for transporting people rose 20.41 percent compared to last year to $10.7 billion.
  • Cell phones, related equipment fell 13.25 percent compared to last year to $3.21 billion.
  • Motor vehicle parts rose 9.54 percent compared to last year to $2.98 billion.
  • Gasoline, other fuels rose 46.08 percent compared to last year to $2.74 billion.
  • Computer parts rose 6.52 percent compared to last year to $2.71 billion.

In the latest annual figures available, South Korea recorded $119.44 billion in trade with the United States. At year’s end, its were Los Angeles; San Francisco; Atlanta/Savannah; New York City; and Dallas. Total U.S. exports to South Korea were $ 48.28 billion and imports from South Korea were $71.16 billion. The U.S. deficit with South Korea was $22.89 billion.