South Korea's share of the United States import market has been dropping since 2004, according to a new report by the Institute for International Trade, a think tank operated by the Korea International Trade Association. Seoul's share of U.S. imports has declined from 3.14 percent in 2004, to 2.62 percent in 2005, 2.47 percent in 2006, and 2.43 percent in 2007. The announcement underlined the Korean business community’s growing concern that Congress has delayed ratification of the U.S.-South Korea free-trade agreement brokered in 2007. The categories of Korean exports that suffered the largest decline since 2004 were electrical and electronic products, apparel, automobile components, and automobiles. The report found America’s current free-trade partners -- notably Singapore, Mexico and Chile -- are major threats to South Korea in the U.S. market. While announcing the report, the Korean International Trade Association urged prompt ratification of the free trade pact with Washington, noting that it will enhance the price competitiveness of Korean products in the U.S.
Journal of Commerce
