U.s. Department of Commerce

Business Opportunities in Korea U.s. Department of Commerce

It has been over two years since the Korea-U. S. Free Trade Agreement (KORUS) went into force on March 15, 2012, becoming our nation?s largest FTA since NAFTA. The Agreement is expected to increase U. S. exports to Korea by approximately USD 10-12 billion. Total 2011 U. S.-Korea trade exceeded USD 100 billion for the first time ever, also surpassing that mark in 2012 and 2013. Total U. S. exports to Korea in 2013 exceeded USD 41.6 billion. Korea is the United States? sixth largest export market. The U. S. is the third largest exporter to Korea, with an 8.1 percent market share of Korea?s total imports. Key competitors include China (16.1 percent), Japan (11.6 percent), and the EU?s 27 nations (10.9 percent). Trade with China reflects significant re-export activity. Korea?s projected 2014 GDP growth forecast is 4%, according to the OECD. Its commercial banks maintain strong reserves, in case of a possible global slowdown or difficulties within the Euro Zone. Korea will continue to focus its development on key economic growth sectors. Patents, trademarks, and industrial designs issued by the Korea Intellectual Property Office (KIPO) reached 430,164 in 2013, an 8.4% year-on-year increase. This growing trend in local patent and trademark filings reflects a move toward more technology-intensive and capital-intensive industries and services.