Census Trade Data Shows Persistent Deficit with South Korea, Says Public Citizen
The raw trade data released by the Census Bureau on May 6 (here) includes “re-exports” of goods, according to advocacy group Public Citizen in a press release, but still reveals a more than $4 billion U.S. deficit with South Korea…
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
for the first three months of 2014. The 2013 deficit increased nearly $8 billion from 2011, the year prior to implementation of the U.S.-South Korea free trade agreement. The 2014 figures suggest the deficit will fall short of the 2013 figures by roughly $4 billion. “Re-exports” are goods that transit through the U.S., but undergo no manufacturing or value added in the country. The U.S. International Trade Commission will vet the figures and determine data free “re-exports" by the end of the week, according to Public Citizen. The advocacy group regularly criticizes the Office of the U.S. Trade Representative for using raw figures in order to mask larger deficits.