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South Korea

South Korea ranked No. 6 in total trade value through May with a total of $56.16 billion. Exports totaled $23.19 billion and Imports totaled $32.97 billion, a deficit of $9.78 billion.

January – May 2019

Top Trading Ports

Total Trade: $56.16 billion

RankPortTotal YTD
1Port of Los Angeles $6,661,166,176
2Dallas-Fort Worth International Airport, Texas $3,748,624,279
3San Francisco International Airport, Calif. $3,489,081,662
4Port of Houston $2,849,538,749
5Port of Savannah, Ga. $2,725,948,698
6Port of Newark $2,611,384,815
7Port of Long Beach $2,517,226,604
8Anchorage International Airport, Alaska $2,172,044,222
9Chicago O’Hare International Airport $2,033,837,396
10John F. Kennedy International Airport $1,720,074,300

U.S. trade with South Korea rose to $56.16 billion through May

South Korea’s trade with the United States rose to $56.16 billion through the first five months of 2019, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 8.89 percent above its total trade during the same time period last year. U.S. exports to South Korea increased 4.4 percent while U.S. imports from South Korea rose 12.28 percent. The U.S. deficit with South Korea was $9.78 billion.

Through May, 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 San Francisco International Airport, Calif.; No. 4 Port of Houston; 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 34.68 percent of South Korea’s U.S. trade.

Among those top five:

  • Trade with No. 1 Port of Los Angeles rose 10.93 percent to $6.66 billion.
    Exports rose 24.49 percent to $1.54 billion. Imports rose 7.42 percent to $5.12 billion.
  • Trade with No. 2 Dallas-Fort Worth International Airport, Texas rose 7.32 percent to $3.75 billion.
    Exports fell 20.24 percent to $1.57 billion. Imports rose 42.88 percent to $2.18 billion.
  • Trade with No. 3 San Francisco International Airport, Calif. fell 13.63 percent to $3.49 billion.
    Exports fell 38.12 percent to $1.39 billion. Imports rose 17.1 percent to $2.1 billion.
  • Trade with No. 4 Port of Houston rose 18.92 percent to $2.85 billion.
    Exports rose 62.85 percent to $1.51 billion. Imports fell 8.82 percent to $1.34 billion.
  • Trade with No. 5 Port of Savannah, Ga. rose 26.15 percent to $2.73 billion.
    Exports fell 13.26 percent to $329.65 million. Imports rose 34.56 percent to $2.4 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 $1.71 trillion, up 0.56 percent compared to the same period last year. The nation’s exports climbed 0.12 percent to $685.55 billion; imports climbed 0.86 percent to $1.03 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 $342.77 billion, up compared to the same period of last year when the deficit was $334.82 billion.

The top five U.S. exports to South Korea by value through May 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 32.87 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; Computer parts; and Gasoline, other fuels –– accounted for 43.02 percent of all inbound shipments.

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

  • Oil rose 264.46 percent compared to last year to $3.14 billion.
  • Machinery, parts for semiconductor manufacturing fell 44.34 percent compared to last year to $1.45 billion.
  • Computer chips fell 13.92 percent compared to last year to $1.25 billion.
  • Civilian aircraft, parts fell 22.18 percent compared to last year to $919.01 million.
  • Petroleum gases, other gaseous hydrocarbons fell 16.68 percent compared to last year to $862.76 million.

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

  • Motor vehicles for transporting people rose 13.35 percent compared to last year to $6.31 billion.
  • Cell phones, related equipment rose 4.7 percent compared to last year to $2.41 billion.
  • Motor vehicle parts rose 15.8 percent compared to last year to $1.89 billion.
  • Computer parts rose 36.61 percent compared to last year to $1.87 billion.
  • Gasoline, other fuels rose 65.7 percent compared to last year to $1.7 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.