South Korea

South Korea ranked No. 6 in total trade value in 2019 with a total of $134.41 billion. Exports totaled $56.9 billion and Imports totaled $77.51 billion, a deficit of $20.61 billion.

U.S. trade with South Korea rose to $134.41 billion in 2019

South Korea’s trade with the United States rose to $134.41 billion in 2019, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 2.89 percent above its total trade of 2018. U.S. exports to South Korea increased 0.98 percent while U.S. imports from South Korea rose 4.33 percent. The U.S. deficit with South Korea was $20.61 billion.

Through December 2019, the top five among the nation’s airports, seaports and border crossings were No. 1 Port of Los Angeles; No. 2 Port of Houston; No. 3 Dallas-Fort Worth International Airport, Texas; No. 4 San Francisco International Airport, Calif.; and No. 5 Port of Savannah, Ga.. In 2018, 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 2019, the top five accounted for 33.71 percent of South Korea’s U.S. trade.

Among those top five:

  • Trade with No. 1 Port of Los Angeles fell 2.02 percent to $14.9 billion.
    Exports fell 8.13 percent to $3.09 billion. Imports fell 0.28 percent to $11.81 billion.
  • Trade with No. 2 Port of Houston rose 19.19 percent to $8.1 billion.
    Exports rose 38.23 percent to $4.96 billion. Imports fell 2.09 percent to $3.14 billion.
  • Trade with No. 3 Dallas-Fort Worth International Airport, Texas rose 9.26 percent to $7.84 billion.
    Exports fell 4.84 percent to $3.81 billion. Imports rose 27.02 percent to $4.03 billion.
  • Trade with No. 4 San Francisco International Airport, Calif. fell 23.1 percent to $7.7 billion.
    Exports fell 25.4 percent to $3.17 billion. Imports fell 21.4 percent to $4.53 billion.
  • Trade with No. 5 Port of Savannah, Ga. rose 18.99 percent to $6.76 billion.
    Exports fell 5.59 percent to $824.19 million. Imports rose 23.45 percent to $5.94 billion.

South Korea ranked No. 6 among the United States’ top trade partners in 2019. In 2018, it ranked No. 6.

Meanwhile, total U.S. trade with the world decreased to $4.14 trillion, down 1.37 percent compared to 2018. The nation’s exports dropped 1.13 percent to $1.65 trillion; imports dropped 1.53 percent to $2.5 trillion. The nation’s top five countries for 2019, by value, were Mexico; Canada; China; Japan and Germany. The overall trade deficit was $853.23 billion, down compared to 2018 when the deficit was $873.19 billion.

The top five U.S. exports to South Korea by value through December 2019 were the categories of Oil; Machinery, parts for semiconductor manufacturing; Computer chips; Petroleum gases, other gaseous hydrocarbons; and Civilian aircraft, parts, respectively. They accounted for 35.82 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; Motor vehicle parts; Gasoline, other fuels; Computer parts; and Cell phones, related equipment –– accounted for 42.49 percent of all inbound shipments.

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

  • Oil rose 67.07 percent compared to last year to $9.34 billion.
  • Machinery, parts for semiconductor manufacturing fell 28.41 percent compared to last year to $3.27 billion.
  • Computer chips fell 3.48 percent compared to last year to $3.06 billion.
  • Petroleum gases, other gaseous hydrocarbons fell 14.99 percent compared to last year to $2.55 billion.
  • Civilian aircraft, parts fell 27.25 percent compared to last year to $2.17 billion.

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

  • Motor vehicles for transporting people rose 15.03 percent compared to last year to $15.9 billion.
  • Motor vehicle parts rose 7.65 percent compared to last year to $4.45 billion.
  • Gasoline, other fuels rose 33.93 percent compared to last year to $4.2 billion.
  • Computer parts fell 15.99 percent compared to last year to $4.2 billion.
  • Cell phones, related equipment fell 11.21 percent compared to last year to $4.19 billion.

In 2018 annual figures available, South Korea recorded $130.63 billion in trade with the United States. Total U.S. exports to South Korea were $56.34 billion and imports from South Korea were $74.29 billion. The U.S. deficit with South Korea was $17.95 billion.