Korea has big farming trade deficit with America

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Korea has big farming trade deficit with America

Korea posted the largest trade deficit with the United States on farm and livestock products in 2017 since the implementation of a bilateral free trade deal, data showed Sunday.

Korea’s exports of agricultural goods and meat to the U.S. fell 10.5 percent on-year to $641 million last year, while imports surged 14.3 percent to $7.8 billion, according to the data from Seoul’s agricultural cooperative Nonghyup.

Korea’s trade deficit with the U.S. in the sector stood at $7.19 billion in 2017, compared with a deficit of $6.14 billion a year earlier. The red ink was also the largest since 2012, when the two allies put the bilateral free trade agreement into effect.

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