Home Business 10 years of Korea-US FTA, automobile imports and exports between the two countries increased

10 years of Korea-US FTA, automobile imports and exports between the two countries increased

by news dir

American brand cars ranked 2nd in market share among domestic imported cars last year… Beating Japanese cars

Automobile imports and exports between the two countries have been active for the past 10 years since the Korea-US Free Trade Agreement (FTA) came into force.

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According to the Korea Automobile Manufacturers Association (KAMA) on the 27th, a total of 46,000 American-branded cars were sold in Korea last year.

This is equivalent to 15.2% of the total imported car sales. It ranked second after German brands (61.9%), which sold 187,000 units, and surpassed Japanese brands (7%), which sold 21,000 units.

In the US automobile industry, Korea has emerged as a major exporter. Of the total 2.367,000 cars exported by the US last year, 2.8% (67,000 units) were sold in Korea. It ranks ninth among U.S. car exporters.

This is a three-step increase compared to when Korea ranked 12th in the US car export rankings by country in 2011, just before the Korea-US FTA went into effect.

The market share of domestic cars in the US is also growing. Last year, Hyundai Motor and Kia’s market share in the US was 8.5%, similar to the record high of 8.9% (2011). As of May of this year, the market share was 9.4%.

Man-ki Jung, Chairman of KAMA, said, “If you look at the recent report on trade barriers by country released by the U.S. Trade Representative (USTR), the U.S. perception of the Korean automobile market is improving. It is necessary to strengthen R&D and investment cooperation with the United States in various fields,” he said.


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