Latest news with #KoreaInternationalTradeAssociation
New Straits Times
6 days ago
- Automotive
- New Straits Times
South Korea's trade surplus with US will shrink, exporters say
SEOUL: South Korea's record-high trade surpluses with the United States will gradually narrow as companies continue to invest in the US market, the country's biggest exporter group said on Thursday. "There is a high possibility of trade imbalances between South Korea and the United States gradually easing on continued and prolonged investments in the country," Korea International Trade Association (KITA) said in a report. In 2024, 46.8 per cent of US imports from South Korea were intermediate goods shipped to the country for direct investments, according to KITA. South Korea earned a surplus of US$55.6 billion from trade with the US in 2024, up 25 per cent from 2023 and a record high, led by rising car exports, according to Korea Customs Service data. Seoul has been engaging with Washington since they agreed in mid-April to craft a trade package lowering tariffs by July 8. In the latest working-level discussion last week, Washington demanded that Seoul resolve the large trade imbalance between the two countries, according to local media reports. KITA said South Korea's rising trade surpluses did not result from unfair trade practices. Of the increase of US$36.9 billion in the last three years, US$27.7 billion was related to substitutions of Chinese products within US supply chains, increases in US demand and structural changes in US imports, the business group said.
Yahoo
6 days ago
- Business
- Yahoo
South Korea's trade surplus with U.S. will shrink, exporters say
SEOUL (Reuters) -South Korea's record-high trade surpluses with the United States will gradually narrow as companies continue to invest in the U.S. market, the country's biggest exporter group said on Thursday. "There is a high possibility of trade imbalances between South Korea and the United States gradually easing on continued and prolonged investments in the country," Korea International Trade Association (KITA) said in a report. In 2024, 46.8% of U.S. imports from South Korea were intermediate goods shipped to the country for direct investments, according to KITA. South Korea earned a surplus of $55.6 billion from trade with the U.S. in 2024, up 25% from 2023 and a record high, led by rising car exports, according to Korea Customs Service data. Seoul has been engaging with Washington since they agreed in mid-April to craft a trade package lowering tariffs by July 8. In the latest working-level discussion last week, Washington demanded that Seoul resolve the large trade imbalance between the two countries, according to local media reports. KITA said South Korea's rising trade surpluses did not result from unfair trade practices. Of the increase of $36.9 billion in the last three years, $27.7 billion was related to substitutions of Chinese products within U.S. supply chains, increases in U.S. demand and structural changes in U.S. imports, the business group said.
Yahoo
6 days ago
- Business
- Yahoo
South Korea's trade surplus with U.S. will shrink, exporters say
SEOUL (Reuters) -South Korea's record-high trade surpluses with the United States will gradually narrow as companies continue to invest in the U.S. market, the country's biggest exporter group said on Thursday. "There is a high possibility of trade imbalances between South Korea and the United States gradually easing on continued and prolonged investments in the country," Korea International Trade Association (KITA) said in a report. In 2024, 46.8% of U.S. imports from South Korea were intermediate goods shipped to the country for direct investments, according to KITA. South Korea earned a surplus of $55.6 billion from trade with the U.S. in 2024, up 25% from 2023 and a record high, led by rising car exports, according to Korea Customs Service data. Seoul has been engaging with Washington since they agreed in mid-April to craft a trade package lowering tariffs by July 8. In the latest working-level discussion last week, Washington demanded that Seoul resolve the large trade imbalance between the two countries, according to local media reports. KITA said South Korea's rising trade surpluses did not result from unfair trade practices. Of the increase of $36.9 billion in the last three years, $27.7 billion was related to substitutions of Chinese products within U.S. supply chains, increases in U.S. demand and structural changes in U.S. imports, the business group said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Business
- Yahoo
South Korea's trade surplus with U.S. will shrink, exporters say
SEOUL (Reuters) -South Korea's record-high trade surpluses with the United States will gradually narrow as companies continue to invest in the U.S. market, the country's biggest exporter group said on Thursday. "There is a high possibility of trade imbalances between South Korea and the United States gradually easing on continued and prolonged investments in the country," Korea International Trade Association (KITA) said in a report. In 2024, 46.8% of U.S. imports from South Korea were intermediate goods shipped to the country for direct investments, according to KITA. South Korea earned a surplus of $55.6 billion from trade with the U.S. in 2024, up 25% from 2023 and a record high, led by rising car exports, according to Korea Customs Service data. Seoul has been engaging with Washington since they agreed in mid-April to craft a trade package lowering tariffs by July 8. In the latest working-level discussion last week, Washington demanded that Seoul resolve the large trade imbalance between the two countries, according to local media reports. KITA said South Korea's rising trade surpluses did not result from unfair trade practices. Of the increase of $36.9 billion in the last three years, $27.7 billion was related to substitutions of Chinese products within U.S. supply chains, increases in U.S. demand and structural changes in U.S. imports, the business group said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Korea Herald
15-05-2025
- Business
- Korea Herald
Korean firms key to US industrial strength, says trade association chief in Washington
Korean companies are playing a vital role in the US, according to Korea International Trade Association Chair Yoon Jin-sik, who described the country as a 'force multiplier' for US economic security and a key to revitalizing strategic industries. The remarks were made during Yoon's visit to the US from Monday to Thursday, where he led a business delegation of executives from seven Korean companies operating in the US — including Meta Biomed, Exicon, Iljin Group, Jusung Engineering, Doosan Group, Dongwon Industries and Seah Steel — according to KITA on Thursday. The group attended the SelectUSA Investment Summit, an event organized by the US Department of Commerce to promote foreign investment, and met with key government officials, including Trevor Kellogg, chief of staff for the International Trade Administration at the US Department of Commerce. 'Korean companies have not only created quality jobs through active US investment, but have also contributed significantly to strengthening America's advanced industrial production capabilities,' Yoon was quoted as saying during his meeting with Kellogg. 'Korea is no longer just an economic partner, but it's a 'force multiplier country' essential to US economic security.' He explained that core Korean technologies in strategic sectors such as shipbuilding, semiconductors, batteries and nuclear power can help revitalize the US economic security and strategic industries. Regarding the US government's investigation into imports of copper, semiconductors and pharmaceuticals under Section 232 of the Trade Expansion Act of 1962, Yoon requested from US officials tariff exemptions or relief for trusted partners like Korea to stabilize supply chains. In response, Kellogg acknowledged the importance of Korean firms in bolstering US strategic industries and expressed support for securing Korean technical professionals and visa processes, according to KITA. Yoon also held meetings with Maryland Gov. Wes Moore and Michigan Gov. Gretchen Whitmer, seeking state-level support for Korean firms' operations in the region. In a meeting with Rep. Pete Sessions, a Republican from Texas, Yoon expressed concerns about reduced subsidies under the Inflation Reduction Act and their impact on Korean investment. He also discussed Korea's shipbuilding capabilities as critical to revitalizing US naval industries during talks with Sen. John Curtis, a Republican from Utah, who co-sponsored a bill aimed at ensuring US Navy and Coast Guard readiness. KITA also hosted a networking reception on Tuesday in Washington, drawing over 300 attendees, including lawmakers and business leaders, to discuss ways for economic collaboration between the two countries. Guests included Rep. Joe Wilson, a Republican from South Carolina who co-chairs the Korea Caucus, Rep. Andy Biggs, a Republican from Arizona, and Rep. Dave Min, a Democrat from California, among others.
