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South Korea

South Korea ranked No. 6 in total trade value through July with a total of $78.67 billion. Exports totaled $32.96 billion and Imports totaled $45.71 billion, a deficit of $12.75 billion.

January – July 2019

Top Trading Ports

Total Trade: $78.67 billion

RankPortTotal YTD
1Port of Los Angeles $8,954,903,884
2Dallas-Fort Worth International Airport, Texas $4,697,534,612
3San Francisco International Airport, Calif. $4,593,755,005
4Port of Houston $4,417,439,335
5Port of Savannah, Ga. $3,819,637,559
6Port of Long Beach $3,639,423,003
7Port of Newark $3,583,891,983
8Anchorage International Airport, Alaska $3,213,864,751
9Chicago O’Hare International Airport $2,932,557,196
10John F. Kennedy International Airport $2,400,562,649

U.S. trade with South Korea rose to $78.67 billion through July

South Korea’s trade with the United States rose to $78.67 billion through the first seven months of 2019, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 7.2 percent above its total trade during the same time period last year. U.S. exports to South Korea increased 3.82 percent while U.S. imports from South Korea rose 9.78 percent. The U.S. deficit with South Korea was $12.75 billion.

Through July, 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 33.66 percent of South Korea’s U.S. trade.

Among those top five:

  • Trade with No. 1 Port of Los Angeles rose 5.23 percent to $8.95 billion.
    Exports rose 7.73 percent to $1.95 billion. Imports rose 4.55 percent to $7 billion.
  • Trade with No. 2 Dallas-Fort Worth International Airport, Texas rose 0.48 percent to $4.7 billion.
    Exports fell 15.54 percent to $2.21 billion. Imports rose 20.78 percent to $2.49 billion.
  • Trade with No. 3 San Francisco International Airport, Calif. fell 17.62 percent to $4.59 billion.
    Exports fell 32.03 percent to $1.9 billion. Imports fell 3.12 percent to $2.69 billion.
  • Trade with No. 4 Port of Houston rose 19.83 percent to $4.42 billion.
    Exports rose 54.9 percent to $2.51 billion. Imports fell 7.67 percent to $1.91 billion.
  • Trade with No. 5 Port of Savannah, Ga. rose 20.48 percent to $3.82 billion.
    Exports fell 8.76 percent to $458.27 million. Imports rose 25.98 percent to $3.36 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 $2.41 trillion, down 0.06 percent compared to the same period last year. The nation’s exports dropped 0.71 percent to $956.44 billion; imports climbed 0.38 percent to $1.45 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 $498.31 billion, up compared to the same period of last year when the deficit was $485.95 billion.

The top five U.S. exports to South Korea by value through July 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 35.08 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 42.79 percent of all inbound shipments.

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

  • Oil rose 190.99 percent compared to last year to $5.21 billion.
  • Machinery, parts for semiconductor manufacturing fell 39.09 percent compared to last year to $1.91 billion.
  • Computer chips fell 10.32 percent compared to last year to $1.78 billion.
  • Civilian aircraft, parts fell 22.19 percent compared to last year to $1.38 billion.
  • Petroleum gases, other gaseous hydrocarbons fell 20.68 percent compared to last year to $1.29 billion.

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

  • Motor vehicles for transporting people rose 22.05 percent compared to last year to $9.4 billion.
  • Cell phones, related equipment fell 14.18 percent compared to last year to $2.74 billion.
  • Motor vehicle parts rose 10.4 percent compared to last year to $2.59 billion.
  • Computer parts rose 12.56 percent compared to last year to $2.43 billion.
  • Gasoline, other fuels rose 43.12 percent compared to last year to $2.41 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.