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South Korea

South Korea ranked No. 7 in total trade value through May with a total of $51.58 billion. Exports totaled $22.21 billion and Imports totaled $29.36 billion, a deficit of $7.15 billion.

January – May 2018

Top Trading Ports

Total Trade: $51.58 billion

Rank Port Total YTD
1 Port of Los Angeles $6,004,739,734
2 San Francisco International Airport, Calif. $4,039,880,829
3 Port of Long Beach $3,558,540,860
4 Dallas-Fort Worth International Airport, Texas $3,492,859,125
5 Port of Houston $2,396,132,635
6 Port of Newark $2,295,276,449
7 Port of Savannah, Ga. $2,160,905,007
8 Chicago O’Hare International Airport $2,132,957,444
9 John F. Kennedy International Airport $1,741,650,073
10 Anchorage International Airport, Alaska $1,695,458,862

U.S. trade with South Korea rose to $51.58 billion through May

South Korea’s trade with the United States rose to $51.58 billion through the first five months of 2018, according to a WorldCity analysis of latest U.S. Census Bureau data. That’s 3.56 percent above its total trade during the same time period last year. South Korea’s exports increased 9.84 percent while imports fell 0.73 percent. The U.S. deficit with South Korea was $7.15 billion.

Through May, 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 Dallas-Fort Worth International Airport, Texas No. 3 San Francisco International Airport, Calif. No. 4 Port of Long Beach and No. 5 Port of Savannah, Ga.. In the current time period, the top five accounted for 37.79 percent of South Korea’s U.S. trade.

Among those top five:

  • Trade with No. 1 Port of Los Angeles fell 9.48 percent to $6 billion.
    Exports fell 30.56 percent to $1.23 billion. Imports fell 1.76 percent to $4.77 billion.
  • Trade with No. 2 San Francisco International Airport, Calif. rose 24.9 percent to $4.04 billion.
    Exports rose 15.03 percent to $2.25 billion. Imports rose 39.99 percent to $1.79 billion.
  • Trade with No. 3 Port of Long Beach rose 44.96 percent to $3.56 billion.
    Exports rose 23.16 percent to $2.07 billion. Imports rose 91.98 percent to $1.49 billion.
  • Trade with No. 4 Dallas-Fort Worth International Airport, Texas rose 6.17 percent to $3.49 billion.
    Exports rose 22.9 percent to $1.97 billion. Imports fell 9.69 percent to $1.53 billion.
  • Trade with No. 5 Port of Houston rose 17.21 percent to $2.4 billion.
    Exports rose 4.63 percent to $927.56 million. Imports rose 26.84 percent to $1.47 billion.

South Korea ranked No. 7 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 9.27 percent compared to the same period last year. The nation’s exports climbed 9.66 percent to $684.76 billion; imports climbed 9.01 percent to $1.02 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 $336.38 billion, up compared to the same period of last year when the deficit was $312.27 billion.

The top five U.S. exports to South Korea by value through May were the categories of Machinery, parts for semiconductor manufacturing; Computer chips; Civilian aircraft, parts; Petroleum gases, other gaseous hydrocarbons; and Oil, respectively. They accounted for 32.11 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 40.51 percent of all inbound shipments.

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

  • Machinery, parts for semiconductor manufacturing rose 14.78 percent compared to last year to $2.6 billion.
  • Computer chips rose 9.25 percent compared to last year to $1.46 billion.
  • Civilian aircraft, parts rose 0.69 percent compared to last year to $1.18 billion.
  • Petroleum gases, other gaseous hydrocarbons rose 56.34 percent compared to last year to $1.04 billion.
  • Oil rose 241.07 percent compared to last year to $861.87 million.

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

  • Motor vehicles for transporting people fell 21.44 percent compared to last year to $5.57 billion.
  • Cell phones, related equipment fell 1.24 percent compared to last year to $2.3 billion.
  • Motor vehicle parts fell 6.9 percent compared to last year to $1.63 billion.
  • Computer parts rose 53.11 percent compared to last year to $1.37 billion.
  • Gasoline, other fuels fell 26.49 percent compared to last year to $1.03 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.