Despite growing external uncertainties, trade volume between Korea and the European Union (EU) increased by 3.9 percent year-on-year over a six month period after the Korea-EU free trade agreement (FTA) took effect in July 2011.
In particular, exports of preferential tariff products increased significantly and contributed to the trade surplus with the EU.
However, Korea’s overall trade surplus with the EU during the second half of 2011 narrowed to US$740 million from the previous year’s US$6.92 billion due to declining demand for Korea’s vessels and IT goods amid the European debt crisis.
* Source : 『Monthly Economic Bulletin』 Vol.34 No.2
(Ministry of Strategy and Finance and Korea Development Institute)
