ID :
160754
Mon, 02/14/2011 - 08:21
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http://m.oananews.org//node/160754
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S. Korea logs record surplus in auto-related trade with U.S. in 2010
SEOUL (Yonhap) - South Korea posted a record surplus in auto-related trade with the U.S. last year with exports of automobiles and auto parts rising 24 percent on-year, Seoul's trade ministry said Monday.
South Korea exported autos and auto parts worth US$11.73 billion to the U.S. last year and imported $920 million worth of those products from America, registering a $10.8 billion surplus, the ministry said, citing data compiled by the U.S. Department of Commerce.
In 2009, South Korea's shipments of autos and auto parts to the U.S. reached $8.41 billion, and imports of those products from the U.S. came in at $492 million, according to the ministry.
In December last year, Seoul and Washington reached a final agreement focusing on U.S. demands that South Korea soften its automotive safety and environmental standards.
The South Korea-U.S. free trade agreement, known as the KORUS FTA, was originally signed in June 2007, but the parliamentary ratification of the deal in both countries has stalled on calls from Washington that the lopsided auto trade and beef issue be resolved.
South Korea has long said it would not renegotiate on the initial deal, but agreed to address key U.S. concerns on cars in return for a two-year delay in the elimination of its tariffs on American pork. Beef trade, one of the sticky points that has blocked ratification of the deal, was not included in the agreement.
Last week, the South Korean cabinet endorsed a supplementary agreement to the free trade deal. Both countries are seeking to win parliamentary approval for the trade pact.
Meanwhile, South Korea's overall exports to the U.S. gained 24.6 percent on-year to $48.86 billion last year, and its imports from the U.S. surged 35.8 percent to $38.84 billion over the cited period, according to the ministry.
South Korea exported autos and auto parts worth US$11.73 billion to the U.S. last year and imported $920 million worth of those products from America, registering a $10.8 billion surplus, the ministry said, citing data compiled by the U.S. Department of Commerce.
In 2009, South Korea's shipments of autos and auto parts to the U.S. reached $8.41 billion, and imports of those products from the U.S. came in at $492 million, according to the ministry.
In December last year, Seoul and Washington reached a final agreement focusing on U.S. demands that South Korea soften its automotive safety and environmental standards.
The South Korea-U.S. free trade agreement, known as the KORUS FTA, was originally signed in June 2007, but the parliamentary ratification of the deal in both countries has stalled on calls from Washington that the lopsided auto trade and beef issue be resolved.
South Korea has long said it would not renegotiate on the initial deal, but agreed to address key U.S. concerns on cars in return for a two-year delay in the elimination of its tariffs on American pork. Beef trade, one of the sticky points that has blocked ratification of the deal, was not included in the agreement.
Last week, the South Korean cabinet endorsed a supplementary agreement to the free trade deal. Both countries are seeking to win parliamentary approval for the trade pact.
Meanwhile, South Korea's overall exports to the U.S. gained 24.6 percent on-year to $48.86 billion last year, and its imports from the U.S. surged 35.8 percent to $38.84 billion over the cited period, according to the ministry.
