Mass Protests in South Korea Over Free Trade Deal
South Korea Export-Import Trade Statistics:
South Korea Country Fact Sheet
U.S. Ambassador to Korea: Mr. Sung Kim
Korean Ambassador to the United States: Choi Young-jin
PROFILE
Population: 49.0 million*
Capital: Seoul
Government: Republic
Next Election Scheduled: December 2012
Head of Government: Lee Myung-Bak (President)
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ECONOMY
2011 nominal GDP (Current US$ billions): 1,116.2*
2011 nominal GDP per capita (Current US$): 22,778*
2009 2010 2011
Real GDP Growth Rate (%) 0.3 6.3 3.6*
Real GDP Per Capita Growth Rate (%) 0.03 6.0 3.4*
CPI (%) 2.8 2.9 4.0
Unemployment Rate (%) 3.7 3.7 3.4*
Economic mix in 2010†: 58% services; 31% manufacturing; 3% agriculture
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FOREIGN MERCHANDISE TRADE (US$ billions)
2009 2010 2011
South Korea Exports to World 363.5 466.4 556.5
South Korea Imports from World 323.1 425.2 524.4
U.S. Exports to South Korea 28.6 38.8 43.4
U.S. Imports from South Korea 39.2 48.9 56.7
U.S. Trade Balance with South Korea -10.6 -10.0 -13.2
Rank as a U.S. Export Market in 2011: 7th largest (2.9% of U.S. exports)
Rank as source of U.S. Imports in 2011: 6th largest (2.6% of U.S. imports)
Rank of South Korea in total U.S. trade in 2011: 7th largest (2.7% of U.S. trade)
Principal U.S. Exports to South Korea in 2011: machinery (14%); electrical machinery (14%); medical instruments (7%); aircraft, spacecraft (6%); mineral fuel, oil (6%)
Principal U.S. Imports from South Korea in 2011: electrical machinery (28%); vehicles (21%); machinery (18%); mineral fuel, oil (5%); iron, steel (4%)
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FOREIGN DIRECT INVESTMENT (U.S.$ billions)**
2009 2010 2011
FDI into U.S. from South Korea (FP) 13.0 14.8 18.4
FDI into U.S. from South Korea (UBO) 14.4 16.2 18.3
U.S. FDI in South Korea 24.8 27.0 31.8
Principal suppliers of foreign investment to South Korea: United States, United Kingdom, Japan
BUSINESS CONDITIONS RANKINGS
World Bank Doing Business in 2013: 8 of 185 (8 in 2012).
Transparency International Corruption Perception Index 2011: 43 of 182 (39 of 178 in 2010).
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* IMF estimate; † World Bank data; ‡ Economist Intelligence Unit data, ‡• Economist Intelligence Unit estimate, ** FP, or foreign parent, measures direct foreign investment; UBO, or ultimate benefit owner, measures South Korean corporate and individual investment in the U.S. both directly, through South Korean parent companies, and indirectly, through third country intermediaries.
South Korea Country Fact Sheet
U.S. Ambassador to Korea: Mr. Sung Kim
Korean Ambassador to the United States: Choi Young-jin
PROFILE
Population: 49.0 million*
Capital: Seoul
Government: Republic
Next Election Scheduled: December 2012
Head of Government: Lee Myung-Bak (President)
--------------------------------------------------------------------------------
ECONOMY
2011 nominal GDP (Current US$ billions): 1,116.2*
2011 nominal GDP per capita (Current US$): 22,778*
2009 2010 2011
Real GDP Growth Rate (%) 0.3 6.3 3.6*
Real GDP Per Capita Growth Rate (%) 0.03 6.0 3.4*
CPI (%) 2.8 2.9 4.0
Unemployment Rate (%) 3.7 3.7 3.4*
Economic mix in 2010†: 58% services; 31% manufacturing; 3% agriculture
--------------------------------------------------------------------------------
FOREIGN MERCHANDISE TRADE (US$ billions)
2009 2010 2011
South Korea Exports to World 363.5 466.4 556.5
South Korea Imports from World 323.1 425.2 524.4
U.S. Exports to South Korea 28.6 38.8 43.4
U.S. Imports from South Korea 39.2 48.9 56.7
U.S. Trade Balance with South Korea -10.6 -10.0 -13.2
Rank as a U.S. Export Market in 2011: 7th largest (2.9% of U.S. exports)
Rank as source of U.S. Imports in 2011: 6th largest (2.6% of U.S. imports)
Rank of South Korea in total U.S. trade in 2011: 7th largest (2.7% of U.S. trade)
Principal U.S. Exports to South Korea in 2011: machinery (14%); electrical machinery (14%); medical instruments (7%); aircraft, spacecraft (6%); mineral fuel, oil (6%)
Principal U.S. Imports from South Korea in 2011: electrical machinery (28%); vehicles (21%); machinery (18%); mineral fuel, oil (5%); iron, steel (4%)
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FOREIGN DIRECT INVESTMENT (U.S.$ billions)**
2009 2010 2011
FDI into U.S. from South Korea (FP) 13.0 14.8 18.4
FDI into U.S. from South Korea (UBO) 14.4 16.2 18.3
U.S. FDI in South Korea 24.8 27.0 31.8
Principal suppliers of foreign investment to South Korea: United States, United Kingdom, Japan
BUSINESS CONDITIONS RANKINGS
World Bank Doing Business in 2013: 8 of 185 (8 in 2012).
Transparency International Corruption Perception Index 2011: 43 of 182 (39 of 178 in 2010).
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* IMF estimate; † World Bank data; ‡ Economist Intelligence Unit data, ‡• Economist Intelligence Unit estimate, ** FP, or foreign parent, measures direct foreign investment; UBO, or ultimate benefit owner, measures South Korean corporate and individual investment in the U.S. both directly, through South Korean parent companies, and indirectly, through third country intermediaries.
US-South Korean Trade Imbalance Data from US Senate Report:
Sorry that I'm just getting around to your blog. I am really sorry that the small businesses in Korea are going to be effected negatively just like the small businesses here particularly African American ones.
What do you propose the solution be? Stop trading with S. Korea?