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Korean Exports to EU Get along Since FTA Implementation
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South Korea's exports of tariff-cut products to the European Union (EU) have acted as bulwarks for the country's weakening trade since the implementation of a bilateral free trade deal amid the region's deepening debt crisis, a report showed Wednesday.

According to the report by the Korea International Trade Association (KITA), shipments of tariff-lowered South Korean products to the world's single largest economic bloc jumped 16.5 percent on-year in the July-March period. The Seoul-Brussels free trade agreement (FTA) went into effect on July 1 last year.

Exports of other goods not subject to tariff cuts slumped 22.1 percent on-year over the cited period, however, as the region suffered an economic slump, it added.

Shipments of jet fuel, gearboxes and petrochemical products surged more than 10-fold over the cited period as such products benefited from the lowered tariffs under the trade pact, it said.

However, the EU's overall imports from South Korea dropped 3.6 percent on-year during the nine-month period in the midst of the region's escalating debt woes, the report said.

The KITA report also showed that the EU's investment in South Korea soared 60.5 percent on-year to reach US$3.57 billion during the July-March period, compared with a 48.8 percent plunge in the same period a year before.

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Source:Yonhap News (June 27, 2012)  

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