EXPORTS, IMPORTS, and TRADE BALANCE

KEY TRENDS

• In 2004 the U.S. trade deficit with Korea represented the largest U.S.-Korean trade deficit ever recorded.
  
  
• The principal increase in U.S. exports occurred in capital goods and intermediate inputs. The principal factor driving demand in these categories is robust demand in Korea's export-oriented manufacturing sector.
  
  
• The largest shift in U.S. imports occurred in motor vehicles and mobile phones. Korea has made significant inroads in these categories by emphasizing style and design as well as moving their products up-market.
  

TRADE SHIFTS in 2004 from 2003

• U.S. trade deficit: Increased $5.7 billion (39 percent) to $20.1 billion
• U.S. exports: Increased $2.5 billion (11 percent) to $25.0 billion
• U.S. imports: Increased $8.1 billion (22 percent) to $45.1 billion
  
  

LINKS

OTHER GOVERNMENT RESOURCES
U.S. Department of State

• Country Background Note

Office of the U.S. Trade Representative

• National Trade Estimate 2005

U.S. Central Intelligence Agency

• World Factbook

U.S. Department of Commerce

• Country Commercial Guide

Government of Korea

• Korean Ministry of Commerce, Industry, and Energy
• Korean Ministry of Finance and Economy
• Korean Ministry of Foreign Affairs and Trade
  
  
• Korea Economic Institute
• Korean Institute for International Economic Policy

SECTOR SHIFTS

| Agricultural Products | Forest Products | Chemicals and Related Products |
| Energy and Related Products | Textiles, Apparel, and Footwear |
| Minerals and Metals | Machinery | Transportation Equipment |
| Electronic Products | Miscellaneous Manufactures |

COUNTRY SHIFTS