EU-Korea FTA sees strong rise in EU exports
EU News 314/2013
Today marks the second anniversary of the entry into force of the EU-Korea Free Trade Agreement (FTA), the most ambitious trade deal ever concluded by the EU and its first with an Asian country. The full impact of the FTA will only be known once all the tariffs have been eliminated, but so far EU exports to the peninsular country have grown strongly giving the EU a trade surplus with Korea for the first time in 15 years.
EU exports to Korea are up by 16.2%, from €32.5 billion in 2011 to €37.8 billion in 2012. At the same time EU imports from Korea have grown less, from €36.2 billion in 2011 to €37.9 billion in 2012 (4.7%). As a consequence, by the first quarter of 2013 the EU had a trade surplus with Korea for the first time in 15 years. In addition, the EU’s share of total imports to Korea has increased steadily, from 9.0% in 2011 to 9.7% in 2012, the largest increase when comparing with imports from China, Japan and the US. EU exports that have got the biggest boost from the FTA are North Sea oil, machinery and motor vehicles and parts.
Source and additional information: