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S. Korea trade with US posts shortfall in 2016
(MENAFN) S. Korean government released data showing that trade with US posted shortfall as agricultural products and livestock prices attracted consumers.
The Ministry of Agriculture, Food and Rural Affairs said that agricultural goods and meats exports to the US posted USD716mln last year while imports amounted to USD6.9bln.
Earlier, US had warned S. Korea formally that it wants to start the process of revising the free trade agreement (FTA) between the two countries.
Moreover, S. Korea said that trade deal that started into effect in 2012 is mutually beneficial; on the other hand Washington said it had persistent goods deficit with S. Korea for around 20 years.
The Ministry of Agriculture, Food and Rural Affairs said that agricultural goods and meats exports to the US posted USD716mln last year while imports amounted to USD6.9bln.
Earlier, US had warned S. Korea formally that it wants to start the process of revising the free trade agreement (FTA) between the two countries.
Moreover, S. Korea said that trade deal that started into effect in 2012 is mutually beneficial; on the other hand Washington said it had persistent goods deficit with S. Korea for around 20 years.
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