According to the Korea Customs Service, the trade volume between S. Korea and Turkey has increased by almost 31 percent within one year after the S. Korea- Turkey FTA (Free Trade Agreement) came into effect.
The trade volume between the two nations is estimated to have increased to $6.76 billion, a volume of 30.8% up since May 1, last year, compared to the comparable previous period (estimated $5.17billion). This record outnumbers the average trade increase rate (1.7%) with all trade partners in the same period.
The agency said the export to Turkey came to $6.06 billion, up 33.6% than last year while import from the nation reached at $0.7 billion (up 11.1%), consequently S. Korea’s trade surplus made at $5.36 billion(up 37.2% than last year).
The agency analyzed that the export growth rate (35.0%) of beneficiary items from the pact surpassed that(30.4%)of unbeneficial items from it and so the pact contributed to the nation’s trade
growth to the Turkey.
While the import of unbeneficial items by the FTA from Turkey significantly increased to $200 mil. from $60 mil in the last year, the import of beneficiary items from the partner country rather
decreased (12.3%).
The export of synthetic resins, steels, petrochemical raw materials, TV parts, textiles and clothing products, for which tariffs were eliminated upon effectuation of FTA, is founded to have
noticeably increased compared to the same period of the previous year.
The import of machinery parts (valves, bearings), transformers, and clothing also increased. Korean export companies’ usage rate of the FTA with the Turkey recorded 71.4%, a number surpassing that (70.2%) of FTA with the USA.
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