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South Korea

South Korea ranked No. 6 in total trade value through October with a total of $107.83 billion. Exports totaled $46.38 billion and Imports totaled $61.45 billion, a deficit of $15.07 billion.

January – October 2018

Top Trading Ports

Total Trade: $107.83 billion

RankPortTotal YTD
1Port of Los Angeles $12,564,542,565
2San Francisco International Airport, Calif. $8,049,657,330
3Port of Long Beach $6,489,845,490
4Dallas-Fort Worth International Airport, Texas $6,371,215,062
5Port of Houston $5,709,861,132
6Port of Newark $5,289,405,158
7Port of Savannah, Ga. $4,707,626,384
8Chicago O’Hare International Airport $4,388,851,230
9Anchorage International Airport, Alaska $4,121,004,242
10Los Angeles International Airport $3,391,586,770

U.S. trade with South Korea rose to $107.83 billion through October

South Korea’s trade with the United States rose to $107.83 billion through the first 10 months of 2018, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 8.28 percent above its total trade during the same time period last year. South Korea’s exports increased 16.28 percent while imports rose 2.94 percent. The U.S. deficit with South Korea was $15.07 billion.

Through October, 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 Port of Houston. 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 Dallas-Fort Worth International Airport, Texas No. 4 Port of Long Beach and No. 5 Chicago O’Hare International Airport. In the current time period, the top five accounted for 36.34 percent of South Korea’s U.S. trade.

Among those top five:

  • Trade with No. 1 Port of Los Angeles rose 2.74 percent to $12.56 billion.
    Exports fell 1.74 percent to $2.72 billion. Imports rose 4.05 percent to $9.84 billion.
  • Trade with No. 2 San Francisco International Airport, Calif. rose 14.51 percent to $8.05 billion.
    Exports fell 7.27 percent to $3.64 billion. Imports rose 42.12 percent to $4.41 billion.
  • Trade with No. 3 Port of Long Beach rose 12.5 percent to $6.49 billion.
    Exports rose 2.4 percent to $3.84 billion. Imports rose 31.3 percent to $2.65 billion.
  • Trade with No. 4 Dallas-Fort Worth International Airport, Texas fell 1.55 percent to $6.37 billion.
    Exports rose 1.46 percent to $3.48 billion. Imports fell 4.95 percent to $2.89 billion.
  • Trade with No. 5 Port of Houston rose 42.27 percent to $5.71 billion.
    Exports rose 93.49 percent to $2.9 billion. Imports rose 11.78 percent to $2.81 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.

Meanwhile, total U.S. trade with the world increased to $3.51 trillion, up 9.44 percent compared to the same period last year. The nation’s exports climbed 8.95 percent to $1.39 trillion; imports climbed 9.77 percent to $2.12 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 $732.48 billion, up compared to the same period of last year when the deficit was $657.79 billion.

The top five U.S. exports to South Korea by value through October were the categories of Machinery, parts for semiconductor manufacturing; Oil; Computer chips; Petroleum gases, other gaseous hydrocarbons; and Civilian aircraft, parts, respectively. They accounted for 33.52 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; Computer parts; Motor vehicle parts; and Gasoline, other fuels –– accounted for 40.76 percent of all inbound shipments.

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

  • Machinery, parts for semiconductor manufacturing fell 13.08 percent compared to last year to $3.98 billion.
  • Oil rose 435.83 percent compared to last year to $3.95 billion.
  • Computer chips rose 3.17 percent compared to last year to $2.72 billion.
  • Petroleum gases, other gaseous hydrocarbons rose 71.93 percent compared to last year to $2.46 billion.
  • Civilian aircraft, parts rose 0.02 percent compared to last year to $2.44 billion.

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

  • Motor vehicles for transporting people fell 17.47 percent compared to last year to $11.03 billion.
  • Cell phones, related equipment fell 11.08 percent compared to last year to $4.36 billion.
  • Computer parts rose 59.41 percent compared to last year to $3.5 billion.
  • Motor vehicle parts rose 0.06 percent compared to last year to $3.44 billion.
  • Gasoline, other fuels rose 7.12 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.