US trade deficit deepens after FTA with Korea
WASHINGTON (Yonhap) -- The U.S. deficit in trade with South Korea tripled in April, the first full month after their free trade agreement went into effect, the Commerce Department said Friday.
The accord, called KORUS FTA, has been in effect since March 15. Officials in the both sides say that the implementation of the FTA is going smoothly.
According to the department's April trade data, the U.S. recorded a deficit of $1.8 billion, with imports totaling about $5.5 billion and exports $3.7 billion.
In March, the U.S. goods deficit with South Korea stood at $0.6 billion and in April last year the deficit was $1 billion.
On the trade of cars and auto parts, which has drawn keen public attention, the U.S. deficit with South Korea jumped to $1.65 billion in April from $1.45 billion the previous month.