Latest government data shows... the trade volume between Korea and the U.S. hit a record high last year.<br />Our Ko Roon-hee explains. <br />It's been seven years since Seoul and Washington's free trade deal came into force.<br /><br />And according to Korea's trade ministry on Thursday..., the trade volume between the two sides last year hit a record high of around 131-point-6 billion U.S. dollars. <br />This is an increase of more than 10-percent compared to the previous year... and the trade volume has been increasing for two consecutive years.<br /><br />Korea's exports to the U.S. rose by 6-percent in 2018...thanks to more outbound shipments of semiconductors and petroleum goods. <br />Chip exports jumped by more than 90-percent... thanks to more investment from data centers boosting demand for semiconductors. <br />In terms of petroleum goods, the ministry attributed the trend to the increase in international oil prices.<br />However, auto exports decreased by almost 7-percent... due to an increase in competition in the U.S. market. <br /><br />Korea's imports from the U.S. also grew by more than 16-percent... mainly due to more inbound shipments of liquefied petroleum gas and natural gas. <br />LPG shipments from the U.S. increased by more than 50-percent compared to the previous year.<br />The ministry attributed the rise in shipments from the U.S. to cheaper prices compared to other regions like the Middle East. <br />Because of the increase in imports, the amount of trade surplus decreased compared to the previous year.<br /><br />The ministry added that the effect of the revised Seoul-Washington free trade agreement which took force in January will be reflected in next year's data.<br />Ko Roon-hee, Arirang News. <br />
