U.S.-Korea Free Trade Agreement: Potential Economy-wide ... - USITC

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This page has been updated to reflect corrections to the original publication.
Table 2.2 U.S.-Korea FTA: Simulated effects on U.S.-Korea bilateral trade from a projected 2008 baseline—Continued
a
U.S. exports to Korea (f.o.b.)
Benchmark
a
U.S. imports from Korea (LDP)
Base before Korean AVE
Base before Benchmark
GTAP sector
FTA
tariff Change after FTA
FTA U.S. AVE tariff Change after FTA
Million dollars Percent Million dollars Percent Million dollars Percent Million dollars Percent
Low High Low High Low High Low High
Transport equipment n.e.c. 2,582 0.9 140 167 5.4 6.5 1,439 0.1 -16 -11 -1.1 -0.7
Electronic equipment 5,529 0.6 212 231 3.8 4.2 17,900 0.2 182 229 1.0 1.3
Machinery and equipment n.e.c. 7,786 5.2 2,774 2,939 35.6 37.7 8,501 1.3 715 769 8.4 9.0
Manufactures n.e.c. 190 5.3 78 88 40.9 46.2 518 3.4 109 125 21.1 24.1
Other sectors 10,898 0.0 14 23 0.1 0.2 8,673 0.0 -86 -73 -1.0 -0.8
d
Total 43,186 4.4 9,741 10,909 22.6 25.3 64,596 1.7 6,399 6,874 9.9 10.6
Source: Commission calculations and GTAP version 6.1.
Notes: Zero values for million dollars indicate values less than $500,000. Zero values for percent indicate values less than ±0.05 percent. The abbreviation “n.e.c.” stands for “not
elsewhere classified.” Differences in low and high percent values may be less than 0.05 percent.
a
Exports from the United States are on a free-on-board basis (f.o.b.). Imports into the United States are on a landed, duty-paid (LDP) basis.
b
There is no change in treatment for the paddy and processed rice sector under the U.S.-Korea FTA.
c
Base value for U.S. beef exports to Korea assumes full resumption of U.S. beef exports to Korea, based on 2003 (pre-bovine spongiform encephalopathy) values projected to
2008.
d
Totals for ranges have been separately calculated and are not a summation of sectoral ranges. The ranges reflect statistically likely outcomes, and it is not likely that sector
estimates will be simultaneously low or high.