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Key Economic Trends
- The U.S. trade deficit with the Republic of Korea (Korea) lessened by 5 percent in 2010. U.S. exports to Korea grew faster than U.S. imports from that country because the Korean economy grew faster after the global economic downturn of 2008–09.
- The 36 percent increase in U.S. exports to Korea in 2010 was the largest, in percentage terms, of that to any major U.S. trading partner and almost twice the increase in U.S. exports to the world (20 percent). The semiconductor manufacturing equipment industry led the increase in U.S. exports.
- In 2010, electronic products, transportation equipment, and major household appliances led the increase in U.S. imports from Korea. The largest decrease in U.S. imports from Korea was in telecommunications equipment, primarily mobile phones.
Trade Shifts from 2009 to 2010
- U.S. trade deficit: Decreased by $0.6 billion (5 percent) to $11.1 billion
- U.S. exports: Increased by $9.8 billion (36 percent) to $36.8 billion
- U.S. imports: Increased by $9.1 billion (24 percent) to $47.9 billion
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