South Korea Trading Partner Portal

Trading Partner Portal: South Korea

Overview

Interview Series Featuring California’s Key Trading Partners – Featuring Joon-yong Park, Consul General of Korea in San Francisco:
Economic/Cultural Vitality Provides Base for More Growth in Win-Win Partnership
CalChamber, November 6, 2020

Trade Overview

usa_rok_ca_flagsSouth Korea is a significant market for U.S. small and medium-sized companies, which make up a majority of U.S. businesses exporting to South Korea. It is a $1.87 trillion economy and its commercial relationship with the United States is largely complementary. Its population in 2024 was roughly 51.8 million.

U.S. – South Korea Trade

In 2024, two-way trade between the two countries exceeded $197.09 billion, with U.S. goods exports to South Korea totaling at $65.54 billion. Top exports to Korea included oil and gas at $17.62 billion over 25 percent of exports. This was followed by chemicals ($8.06 billion), non-electrical machinery ($6.87 billion), computer and electronic products ($6.73 billion), and transportation equipment ($6.39 billion).

This same year, imports to the U.S. from South Korea were $131.55 billion. Top imports to the U.S. from Korea were transportation equipment ($46.39 billion), computer and electronic products ($20.07 billion), non-electrical machinery ($14.19 billion), chemicals ($12.79 billion), and electrical equipment, appliances & components ($10.92 billion). Transportation equipment made up roughly 35 percent of total goods imports.

California – South Korea Trade

California-Exports-by-CountrySouth Korea is California’s sixth largest export destination. California is also one of the top exporting states to Korea, making up roughly 13% of U.S. exports. In 2024, California exported more than $8.76 billion to South Korea. Top products from California to Korea included non-electrical machinery ($1.84 billon), computers and electronic products ($1.64 billion), processed foods ($1.17 million), chemicals ($698 million), and agricultural products ($655 million).

California is the largest importing U.S. state for South Korean products with imports totaling $30.87 billion in 2024. Top imports were made up of computer and electronic products, making up over $10.42 billion of the total, followed by transportation equipment ($8.17 billion), electrical equipment, appliance & components ($2.44 billion), chemicals ($2.02 billion), and petroleum & coal products ($1.68 billion).

FDI- South Korea

According to the most recent figures in 2023, U.S. foreign direct investment in Korea totaled roughly $35.6 billion and in 2020 was concentrated largely in the manufacturing, banking, and wholesale trade sectors. Korean foreign direct investment (FDI) to the United States reached $76.7 billion in 2023, and was the 12th largest source of FDI into the U.S. In 2021, Korean FDI supported 88,100 jobs. In this same year, Korea invested $2 billion into research and development and invested another $8.3 billion to expanding U.S. exports. The top industry sectors for Korean FDI were auto components, industrial equipment, electronic components, software and IT services, food and beverages, and consumer electronics. Select USA

More than 1 million Korean Americans live in the United States, with over 30% living in California. Los Angeles County alone is home to over 154,000 residents of Korean origin, according to the Migration Policy Institute. There also is a large population of Korean students studying at higher education institutions across the U.S., with many Korean visitors entering the United States via the U.S. Visa Waiver Program.

In California, the eleventh largest source of FDI through foreign-owned enterprises (FOEs) is South Korea. In 2024, South Korean FOEs in California provided 18,963 jobs through 441 firms amounting to $1.97 billion in wages. The top jobs by sector are wholesale trade, manufacturing, professional/business services, transportation/warehousing/utilities, and education and health (World Trade Center Los Angeles FDI Report).

 

Trade Agreements

WEST Program

2010 Asia Trade Mission

Events

 

Key Country Contacts

CalChamber Receives Korean Presidential Citation

On Thursday, December 6, the California Chamber of Commerce received the prestigious Presidential Citation from the government of the Republic of Korea for promoting U.S.-Korea trade and commercial relations, and specifically for contributing to the passage of the U.S.-Korea Free Trade Agreement (FTA).
CalChamber, December 11, 2012

Pictured: Consul General Jeong Gwan Lee and Consul Kwang Ho Lee of the Korean Consulate General in San Francisco present the Korean Presidential Citation to Mrs. Susanne Stirling, Vice President International Affairs, with 2012 Chair Tim Dubois observing.