IN KOREA, BIG BUSINESS FOR U.S. SMALL COMPANIES

March 3, 2008 at 8:17 pm

The removal of Korean trade and regulatory barriers under the U.S.-Korea free trade agreement (FTA) will create huge new opportunities for thousands of small and medium sized U.S. enterprises (SMEs) whose success and growth depend on open and fair foreign markets.

As new U.S. trade data shows, Korea is a rapidly growing market for U.S. SMEs*:

In 2005, 89 percent of U.S. companies exporting to Korea were SMEs, including over 16,850 U.S. SMEs from every U.S. state. U.S. SME exports to Korea, over $8.2 billion that year, were one-third of total U.S. exports with Korea. U.S. SME exports to all countries were 29 percent of total U.S. exports.

Six hundred and twenty-one more U.S. SMEs exported to Korea in 2005 than in 2004. This growth was the second-largest among the United States’ top ten trading partners. Also, U.S. SME exports to Korea grew by over $500 million from 2004 to 2005.

On average, a U.S. SME exports some $500,000 in products to Korea. This revenue creates jobs and stimulates economic activity in communities all across the United States.

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Entry filed under: Asia, Korea.

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