Judy Genshaft

University of South Florida

“The Tampa Bay Trade & Protocol Council is an integral part of our region’s international trade strategy"

President Ronald L. Vaughn

The University of Tampa

"The Tampa Bay Trade & Protocol Council has a lead role in helping to rebuild these relationships for our community.”

Bob Rohrlack

Greater Tampa Chamber of Commerce

Greater Tampa Chamber of Commerce commends the Mayor and County on their vision to strengthen Protocol with an international trade component.

South Korea

About
South Korea resides within East Asia and encompasses the southerly region of the Korean Peninsula, where it lies between the Sea of Japan and the Yellow Sea. South Korea is edged by North Korea, while to the south-east and across the Korea straight, Japan is particularly close (2).

South Korea’s natural resources include coal, tungsten, graphite, molybdenum, lead and hydropower potential (2). Its economy is structured as followed (in % of GDP): services 58.2 %, industry 39.2 % and agriculture 2.6 % (2013) (1).

South Korea’s agriculture products include rice, root crops, barley, vegetables, fruit, cattle, pigs, chickens, milk, eggs and fish (1). Its industries include electronics, telecommunications, automobile production, chemicals, shipbuilding and steel (1).

South Korea’s top exports commodities include semiconductors, wireless telecommunications equipment, motor vehicles, computers, mobile phones, steel, ships and petrochemicals (2).And its top imports commodities include machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals and plastics (2).

South Korea’s mains ports and harbors are Incheon (Inch'on), Pohang (P'ohang), Busan (Pusan), Ulsan and Yeosu (Yosu) (2).
 

Trade Statistics
South Korea was the United States' 6th largest goods trading partner with $104 billion in total goods trade during 2013. In 2013, South Korea was the United States' 10th largest goods export market and 6th largest supplier of goods imports (3). In 2012, United-States was South Korea’s 2nd main export partner 3rd main import and (1). Florida’s top exports to South Korea: Civilian Aircraft, Engines, and Parts, Parts of Balloons, Spacecraft, Fruit Juice, Liquid Crystal Devices, Ferrous Waste,  Chemical Wood pulp, Turbojets, Aluminum Waste and Scrap. Florida’s top imports from South Korea: Oil (Not Crude), Electric Apparatus for Line Telephony, Parts and Access for Motor Vehicles, Domestic Appliances and Electric Storage Batteries (4).
 
The United States and the Republic of Korea signed the United States-Korea Free Trade Agreement (KORUS FTA) on June 30, 2007. On March 15, 2012, it went into effect. The Agreement aims to eliminate tariffs and other barriers to U.S. exports. Under the KORUS FTA, almost 80 percent of U.S. exports to Korea of consumer and industrial products became duty free (5).


Trade Numbers
  • United States’ goods and private services trade with South Korea in 2012: $129 billion (3)
  • United States’ goods and services import from South Korea in 2012: $68 billion (3)
  • United States’ goods and services export to South Korea in 2012: $60 billion (3)
  • United States’ goods import from South Korea in 2013: $62.2 billion – (a 5.7% increase ($3.3 billion) from 2012) (3)
  • United States’ goods exports to South Korea in 2013: $41.6 billion - (down 1.7% ($729 million) from 2012) (3)
  • Florida’s merchandise exports to South Korea in 2013: 261.9 Millions of US Dollars (4)
  • Florida’s merchandise imports from South Korea in 2013:  1,293.3 Millions of US Dollars (4)
  • Total Merchandise Trade between Florida and South Korea in 2013: 1,555.2 Millions of US Dollars (4)
  • Imports from South Korea to Tampa Port Authority in 2010: $27,563,437 (6)
  • Exports from Tampa Port Authority to South Korea in 2010: $8,305,608 (6)

Export Companies 
South Korea owns 2 companies in Tampa Bay (7)

Company City Parent Country # of Employees 6 Digit NAICS Titles
Essex Group, Inc. Tampa South Korea <10 335929: Other Communication and Energy Wire Manufacturing
Lg Electronics U.S.A., Inc. Lutz South Korea <10 541611 - Administrative Management and General Management Consulting Services


References
  1. https://www.cia.gov/library/publications/the-world-factbook/geos/ks.html
  2. http://www.infoplease.com/country/korea-south.html?pageno=10
  3. http://www.ustr.gov/countries-regions/japan-korea-apec/korea
  4. http://www.enterpriseflorida.com/wp-content/uploads/profile-fl-top-trade-partners-republic-of-korea.pdf
  5. http://www.ustr.gov/trade-agreements/free-trade-agreements/korus-fta
  6. http://www.worldportsource.com/trade/byPort/KOR/USA_FL_Tampa_Port_Authority_96.php
  7. http://www.tampabay.org/sites/default/files/NEW%202011%20FDI%20STUDY_0.pdf