Cranes unload containers from carriers at Busan Port in the port city of Busan, 325 kilometers southeast of Seoul, on April 2, 2023. (Yonhap)
SEOUL, April 2 (Korea Bizwire) — South Korean exporting companies saved 6.6 trillion won (US$5.8 billion) due to lower tariffs in 2021 thanks to the country’s free trade agreements (FTAs) with six major economies, including the United States and the European Union, government data showed Sunday.
According to the trade data compiled by the Ministry of Trade, Industry and Energy, South Korea exported $446.9 billion worth of products to the U.S., the EU, China, India, Vietnam and the Association of Southeast Asian Nations in 2021, and saved a combined $5.8 billion from lower tariffs.
They are among the 21 countries and economic communities that South Korea has concluded FTAs with.
South Korean exporters saved $1.68 billion from trade with U.S. companies, while FTAs with the EU, China and India eliminated $1.55 billion, $910 million and $690 million in tariffs, respectively.
Machinery exports had tariff exemptions of $1.94 billion from the FTAs, followed by steel and metal products with $1.21 billion and plastics with $360 million.
The South Korean government earlier announced plans to clinch FTAs with more than 10 nations this year in an effort to boost growth momentum and diversify its trade portfolio.
(Yonhap)
