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Korea has big farming trade deficit with America

May 28,2018

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.