[FTA HONG] Summary of the Korea-United States(U.S.) FTA (FTA utilization rate, FTA utilization by industry, and summary of highlights)
The Korea-U.S. FTA agreement with the United States, the world's largest economy, will secure Korea's stable trade base with the US market and improve our economic and social systems. As of 2022, the export utilization rate of the Korea-U.S. FTA is 85.9% and the import utilization rate is 70.1%. In terms of FTA utilization by industry, machinery is the highest at 93.7% and miscellaneous products is the lowest at 0.0% in the export sector. In the import sector, miscellaneous products is the highest utilization rate of 94.9% and minerals is the lowest utilization rate of 51.6%. (Unit: Thousands of dollars) Category FTA total amount FTA preference eligible exports and imports Apply actual FTA preferential tariffs utilization rate(%) amount amount Export Korea-U.S. FTA 109,809,718 60,864,852 52,296,351 85.9 Import 81,771,641 49,672,740 34,825,155 70.1 A brief summary of the provisions of the Korea-U.S FTA related to trade in goods is as fol...