Statistics

South Korea takes big step toward $100 Billion Club

April 2nd, 2007

The success of U.S.-South Korea free trade talks at the 11th hour on Sunday is likely to accelerate the timetable for the Asian nation to become the seventh member of the United States’ $100 Billion Club, but not likely to change anytime soon its importance relative to other top U.S. trade partners.

The agreement must still pass both nation’s legislative branches to go into effect.

The U.S. gateways most likely to benefit from a South Korea-U.S. free trade agreement will be the west coast Customs districts of Los Angeles, long the leading port of entry and exit, as well as San Francisco and Seattle. New York and Savannah are leading Customs districts as well.

The fastest-growing Customs district over the last decade has been Dallas, which has seen its two-way trade with South Korea grow from $604 million in 1996 to just under $5 billion in 2006, an increase of greater than 700 percent.

Dallas, unlike most coastal U.S. Customs districts, is driven exclusively by air cargo, which tends to translate to high-value or technology products. That can also translate to U.S. exports. Dallas’ deficit with South Korea peaked at just under $4 billion in 2004 and was $4749 million in 2006. The United States’ deficit with South Korea was $13.4 billion in 2006, the 12th-largest, but down from $19.8 billion in 2004.

South Korea’s overall trade with the United States was $78.3 billion in 2006, leaving it squarely in the No. 7 position. On its current trajectory, South Korea should become the seventh nation to register more than $100 billion in total trade with the United States in 2008.

This year, the United Kingdom will become the sixth nation to have more than $100 billion in imports and exports with the United States.

Assuming it passes, the free trade agreement will be the most significant since 1993, when the North American Free Trade Agreement went into effect, and almost certainly the last of the Bush Administration, given the unlikelihood that the Democratic-controlled Congress will renew his trade-promotion authority. TPA gives an Administration the ability to bring to Congress agreements that they can only approve or reject rather than modify.

The agreement will be South Korea’s most significant free trade agreement.

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