Last month, South Korean President Park Geun-hye wound up a four-nation swing through South America in search of expanded trade and economic cooperation.
In Colombia, Park pressed for ratification of the pending free trade agreement (approved by Colombia’s Congress December 19). As reported by The Korea Herald, she joined Peruvian President Ollanta Humala to celebrate the first trainer jet assembled in Peru for Korea Aerospace Industries (encouraging hopes that a South Korean firm might be awarded a contract for Peru’s advanced trainer jet project). In Chile and Brazil, she reached agreement with her counterparts Michelle Bachelet and Dilma Rousseff to expand and diversify existing trade agreements.
Korea may well need to cultivate what its government officials see as “a continent of opportunities.” With a few exceptions, South Korean trade with South America faltered in 2014.
As the graphs indicate, the Korean Republic sold more to Bolivia, Colombia and Paraguay last year, while it bought more from Colombia and Ecuador. Otherwise and overall, the value of South Korean trade with South America declined.
Based on our Quick Look reports on the Americas trade blocs, South Korea was among the top 10 markets for Bolivian and Chilean exports in 2014 (while it slipped from the top 10 rankings it once held in Brazil, Peru and Venezuela). It remains a top-ranked source for imports in Brazil, Chile, Colombia, Paraguay, and Peru (though, excepting Peru, it slipped a peg in each of these countries’ rankings compared with 2013).
In another effort to boost trade, South Korea has expressed an interest in joining the Trans-Pacific Partnership … certain to be a topic for discussion when Secretary of State John Kerry meets with President Park May 17-18 (as just announced).
Related:
You may also be interested in our free reports on the Americas trade blocs:
- Quick Look @ CAN / Comunidad Andina (Bolivia, Colombia, Ecuador & Peru) Trade in 2014
- Quick Look @ Mercosur (Argentina, Brazil, Paraguay, Uruguay & Venezuela) Trade in 2014
- Quick Look @ NAFTA (Canada, Mexico & United States) Trade in 2014
- Quick Look @ Pacific Alliance (Chile, Colombia, Mexico & Peru) Trade in 2014
Each report includes bloc members’ top trade partners, regional shares of trade, and top imports and exports by value, and is available for download from our library of free reports.