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Development of EU-South Korea trade

Development of EU-South Korea trade

The EU-South Korea Free Trade Agreement was the first of the new generation of EU FTAs, and has contributed to boosting trade between the EU and South Korea. Applied since July 2011, it has helped EU exports to South Korea increase by around 55 % since 2011. As the EU’s ninth largest export destination for goods, South-Korea belongs in the top ten of EU export markets. Conversely, the EU is South Korea’s third largest export market. In 2016, EU exports to South Korea, mainly machinery and appliances, transport equipment and chemical products, amounted to €44.5 billion. EU imports from South Korea reached €41.4 billion in 2016, mainly consisting of machinery and appliances, transport and plastics. In May 2017, the European Parliament adopted a resolution welcoming the fact that the Agreement has led to a significant growth in trade between the EU and South Korea.

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