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Korea Free Trade Agreement (KORUS)

Korea has Free Trade Agreements with ASEAN, Australia, Canada, Central America (Partial), Chile, China, Colombia, India, New Zealand, Peru, Singapore, the European Union, and the European Free Trade Association (Norway, Switzerland, Iceland and Liechtenstein), U.S., Turkey, and Vietnam.

Deminimis values for Korea are US$150.00 for Non-US origin shipments and US$200.00 for US origin shipments. Korea Customs will tighten up the screening on shipment/consignee information for low value non-document import shipments below US$150.00 in value as well as under declared shipments.

The United States Korea Free Trade Agreement (officially: Free Trade Agreement Between the United States of America and the Republic of Korea), also known as KORUS FTA, is a trade agreement between the United States and South Korea.

The United States has agreements in force with 20 countries: Australia, Bahrain, Canada, Chile, Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Israel, Jordan, Mexico, Morocco, Nicaragua, Oman, Panama, Peru, Singapore, and South Korea.

Total value of U.S. trade in goods with South Korea 2020In August 2020, the total value of U.S. trade in goods with South Korea amounted to 10.3 billion U.S. dollars composed of a 4.1 billion U.S. dollar export value and a 6.2 billion U.S. dollar import value.

Korea has Free Trade Agreements with ASEAN, Australia, Canada, Central America (Partial), Chile, China, Colombia, India, New Zealand, Peru, Singapore, the European Union, and the European Free Trade Association (Norway, Switzerland, Iceland and Liechtenstein), U.S., Turkey, and Vietnam.

Korea has a flat 10 percent Value Added Tax (VAT) on all imports and domestically-manufactured goods. A special excise tax of 10-20 percent is also levied on the importation of certain luxury items and durable consumer goods. Tariffs and taxes must be paid in Korean Won within 15 days after goods have cleared Customs.