South Korea

South Korea ranked No. 6 in total trade value through July with a total of $73.09 billion. Exports totaled $30.62 billion and Imports totaled $42.47 billion, a deficit of $11.86 billion.

U.S. trade with South Korea rose to $73.09 billion through July

South Korea’s trade with the United States rose to $73.09 billion through the first seven months of 2020, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 7.1 percent below its total trade during the same time period last year. U.S. exports to South Korea decreased 7.12 percent while U.S. imports from South Korea fell 7.08 percent. The U.S. deficit with South Korea was $11.86 billion.

Through July, the top five among the nation’s airports, seaports and border crossings 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 Anchorage International Airport, Alaska. During the same period the previous year, the top five were No. 1 Port of Los Angeles; No. 2 Dallas-Fort Worth International Airport, Texas; No. 3 San Francisco International Airport, Calif.; No. 4 Port of Houston and No. 5 Port of Savannah, Ga.. In the current time period, the top five accounted for 34.91 percent of South Korea’s U.S. trade.

Among those top five:

  • Trade with No. 1 Port of Los Angeles fell 19.55 percent to $7.2 billion.
    Exports fell 34.78 percent to $1.27 billion. Imports fell 15.31 percent to $5.93 billion.
  • Trade with No. 2 San Francisco International Airport, Calif. rose 29.85 percent to $5.97 billion.
    Exports rose 28.02 percent to $2.43 billion. Imports rose 31.14 percent to $3.53 billion.
  • Trade with No. 3 Port of Long Beach rose 19.51 percent to $4.35 billion.
    Exports rose 18.35 percent to $3.02 billion. Imports rose 22.24 percent to $1.33 billion.
  • Trade with No. 4 Dallas-Fort Worth International Airport, Texas fell 13.21 percent to $4.08 billion.
    Exports rose 24.72 percent to $2.75 billion. Imports fell 46.82 percent to $1.32 billion.
  • Trade with No. 5 Anchorage International Airport, Alaska rose 21.94 percent to $3.92 billion.
    Exports fell 7.82 percent to $959.58 million. Imports rose 36.19 percent to $2.96 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 $2.08 trillion, down 49.83 percent compared to the same period last year. The nation’s exports dropped 51.38 percent to $799.82 billion; imports dropped 48.81 percent to $1.28 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 $479.12 billion, down compared to the same period of last year when the deficit was $853.23 billion.

The top five U.S. exports to South Korea by value through July were the categories of Machinery, parts for semiconductor manufacturing; Oil; Computer chips; LNG, other petroleum gases; and Passenger vehicles, respectively. They accounted for 34.8 percent of total exports to South Korea.

The value of the top five categories of U.S. imports from South Korea –– Passenger vehicles; Computer parts; Digital storage devices; Motor vehicle parts; and Gasoline, other fuels –– accounted for 41.48 percent of all inbound shipments.

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

  • Machinery, parts for semiconductor manufacturing rose 64.72 percent compared to last year to $3.15 billion.
  • Oil fell 41.45 percent compared to last year to $3.05 billion.
  • Computer chips rose 1.29 percent compared to last year to $1.8 billion.
  • LNG, other petroleum gases rose 16.67 percent compared to last year to $1.5 billion.
  • Passenger vehicles rose 8.73 percent compared to last year to $1.15 billion.

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

  • Passenger vehicles fell 8.56 percent compared to last year to $8.59 billion.
  • Computer parts rose 36.55 percent compared to last year to $3.32 billion.
  • Digital storage devices rose 285.75 percent compared to last year to $2.47 billion.
  • Motor vehicle parts fell 23.44 percent compared to last year to $1.99 billion.
  • Gasoline, other fuels fell 47.87 percent compared to last year to $1.25 billion.

In the latest annual figures available, South Korea recorded $134.41 billion in trade with the United States. Total U.S. exports to South Korea were $ 56.9 billion and imports from South Korea were $77.51 billion. The U.S. deficit with South Korea was $20.61 billion.