South Korea’s exports to America rise above 5% annually

South Korea’s exports to the United States have risen by more than 5% annually on average over the past decade, thanks to the 2012 bilateral free trade agreement between the two countries, compared with a 1.5% increase in the country’s total exports, Reuters reported, citing the Korea Institute for International Economic Policy.

The institute said in a statement Monday, according to the Korean news agency Yonhap, South Korea’s shipments to the United States jumped to $96.3 billion in 2021 from $56.4 billion in 2011, representing an annual growth of 5.5% on average. During this period, the country’s total exports rose 1.5% year-on-year from $555.2 billion to $644.4 billion.

Exports of chemicals, steel and automobiles to the United States showed remarkable growth thanks to the free trade agreement between the two countries, sales of high-tech industries rose by more than 50%, and imports from the United States rose by 5% on average annually to $73.2 billion in 2021, compared with South Korea’s total import growth of 1.6% between 2011-2021.

South Korea’s trade surplus with the United States rose to an average of $19.3 billion per year during 2012-2021, compared with an annual average of $9.3 billion from 2007-2011, the data showed.