SEOUL, KOREA - Korea's trade surplus with the United States is expected to hit a record-high level this year for two consecutive years. As Korea's portion in total U.S. trade deficit rises, the demand by the U.S. government to appreciate the won and reduce the surplus will mount.

 

According to the Ministry of Trade, Industry, and Energy and the National Statistical Office on December 2, the trade surplus of Korea vis-a-vis the United States for the past 11 months of the year has been US$18.1 billion, already surpassing past last year's surplus of $15.2 billion. The surplus figure had been $14.1 billion in 2004 and declined to $8.0 billion in 2008, but surged back to $15.2 billion last year.

 

Korea has now become the No. 8 country in the world with the highest trade surplus against the United States, after China, Japan, Germany, and the like. Given there is a sizable amount of final goods exported to the United States by Korean companies doing business in China, the surplus figure based on a new measure calculating added value would have been bigger.