Autos Help Korea Overtake UK in US Import Market

Seoul December 27, 2004; Kim Sung-jin writng fot the Korea Times reported that South Korea overtook the U.K. to become the sixth largest exporter to the United States this year as the nation’s exports to the U.S. grew 26.94 percent for the first 10 months of the year compared to the corresponding period of last year.

KOTRA on Sunday said the cumulative U.S. imports inched up by 15.75 percent to $1.2 trillion during the cited period.

Citing the monthly export-import tally by the U.S. International Trade Commission (ITC), KOTRA said Korea’s exports to the U.S. reached $38 billion, up from $30 billion of the first 10 months of 2003.

Korea accounted for 3.15 percent of the total inbound shipments to the U.S., emerging as the sixth largest exporter to the U.S. Korea’s share in the U.S. import market stood at 2.93 percent in 2003.

Canada comprised the biggest 17.6 percent share of aggregate U.S. imports during the period, trailed by China (13.2 percent), Mexico (10.7 percent), Japan (8.8 percent) and Germany (8.8 percent). The U.K., with 3.13 percent share, was demoted as the seventh largest exporter to the U.S. by Korea.

KOTRA attributed Korea’s increased share in the U.S. import market to the higher demand for imported goods in the U.S. and the improved quality of Korean merchandise. Korea’s exports to the U.S. showed slow growth rate of 1.11 percent in 2002 and 3.9 percent in 2003 due to sluggish U.S. consumer spending.

Korea’s automobile exports to the U.S. amounted to $8 billion between January and October this year, accounting for 21.16 percent of the total U.S.-bound Korean exports while shipments of wireless telecom equipment, which includes mobile phones, skyrocketed by 46.83 percent to $7 billion.