ID :
192622
Mon, 07/04/2011 - 06:44
Auther :
Shortlink :
https://oananews.org//node/192622
The shortlink copeid
S. Korea's trade with FTA signatories jump: data
SEOUL, July 4 (Yonhap) -- South Korea saw its trade jump with countries with which it has free trade agreements (FTA), data showed Monday, indicating that such tariff-removing deals have boosted business exchanges over the past years.
According to data from the Korea Customs Service, South Korea's trade with Chile came to US$7.2 billion last year, up from $1.6 billion in 2003, one year before an FTA with the country went into effect. Chile is the first country to sign an FTA with South Korea.
South Korea also saw its bilateral trade with the European Free Trade Association (EFTA) surged to $9.2 billion last year from $2.9 billion in 2005, a year before an FTA came into effect with the economic bloc that includes Switzerland, Norway, Iceland and Liechtenstein.
Korea's trade with Singapore grew to $23.1 billion last year from $12.7 billion in 2005, while the figure for trade with the Association of Southeast Asian Nations (ASEAN) expanded to $97.3 billion from $61.8 billion in 2006, the data showed. FTAs with the two areas went into effect in March 2006 and June 2007, respectively.
Over each cited period, South Korea widened its trade surplus with the ASEAN and Singapore but posted expanded shortfalls with the EFTA and Chile, according to the data.
Its surplus with the ASEAN grew four-fold to $9.1 billion, while the corresponding figure with Singapore jumped from $2.1 billion to $7.4 billion, the data showed.
More imports of raw materials and farm products from Chile, however, led to trade shortfalls worth $1.27 billion last year, up from $540 million in 2003. Its trade deficit with the EFTA also increased from $700 million in 2005 to $2.2 billion last year.
The data is seen as a sign that FTAs helped boost South Korea's trade greatly over the past years as the country has tried to get ahead of the ever-intensifying competition in overseas markets through such tariff-busting deals.
Trade is expected to further expand down the road as more of Seoul's free trade deals with major business partners have or will come into effect. South Korea enforced its FTA with the European Union last week, while a deal with the United States awaits parliamentary approval from both countries.
According to data from the Korea Customs Service, South Korea's trade with Chile came to US$7.2 billion last year, up from $1.6 billion in 2003, one year before an FTA with the country went into effect. Chile is the first country to sign an FTA with South Korea.
South Korea also saw its bilateral trade with the European Free Trade Association (EFTA) surged to $9.2 billion last year from $2.9 billion in 2005, a year before an FTA came into effect with the economic bloc that includes Switzerland, Norway, Iceland and Liechtenstein.
Korea's trade with Singapore grew to $23.1 billion last year from $12.7 billion in 2005, while the figure for trade with the Association of Southeast Asian Nations (ASEAN) expanded to $97.3 billion from $61.8 billion in 2006, the data showed. FTAs with the two areas went into effect in March 2006 and June 2007, respectively.
Over each cited period, South Korea widened its trade surplus with the ASEAN and Singapore but posted expanded shortfalls with the EFTA and Chile, according to the data.
Its surplus with the ASEAN grew four-fold to $9.1 billion, while the corresponding figure with Singapore jumped from $2.1 billion to $7.4 billion, the data showed.
More imports of raw materials and farm products from Chile, however, led to trade shortfalls worth $1.27 billion last year, up from $540 million in 2003. Its trade deficit with the EFTA also increased from $700 million in 2005 to $2.2 billion last year.
The data is seen as a sign that FTAs helped boost South Korea's trade greatly over the past years as the country has tried to get ahead of the ever-intensifying competition in overseas markets through such tariff-busting deals.
Trade is expected to further expand down the road as more of Seoul's free trade deals with major business partners have or will come into effect. South Korea enforced its FTA with the European Union last week, while a deal with the United States awaits parliamentary approval from both countries.
