US-to-Korea Automobile and Parts Exports to Increase by 54%

According to a foreign report, a study released by the International Trade Commission recently pointed out that after the revised free trade agreement between the United States and South Korea goes into effect, South Korea’s automobile and auto parts exports to the United States will increase by US$970 million.

According to the report of the US International Trade Commission, the total exports of American autos and auto parts to South Korea will increase by 54%, and the total trade volume will increase by 194 million U.S. dollars. The total volume of trade in automobile and auto parts imported from South Korea by the United States will increase by 11%, and the amount will increase by US$970 million.

The U.S. International Trade Commission stated that following the revision of the U.S.-South Korea Free Trade Agreement, after the removal of non-tariff trade barriers, the total U.S. exports to South Korea’s auto exports will increase by between 48 million U.S. dollars and 66 million U.S. dollars.

In June 2007, the United States and South Korea signed a bilateral free trade agreement.