In December 2023, South Korea broke the record for export volumes to the United States and successfully bypassed China, the key player in the market. While China supplied the USA with goods worth $10.9 billion, South Korea reached $11.3 billion.
This tendency shows that trade relations between America and the ‘country of morning freshness’ will only strengthen, providing new business prospects. The possibility of seamless shipping from Korea to the USA favors American entrepreneurs. Reliable 3PL operators organize all the processes ‘turnkey’ and propose extra services (cargo insurance, repacking, etc.).
Perspectives and Difficulties
Korea is at the peak of economic development; local manufacturers adhere to high quality standards and adopt innovative technologies. The most sought-after goods imported to the USA from Korea are:
- Electronics, including unparalleled tech products;
- Cars, especially new-energy vehicles;
- Beauty and skincare products — Korea is known for its unique multistage care system;
- Petroleum and energy goods.
Some challenges of trading between Korea and America involve:
- Geopolitical tensions in the Korean Peninsula;
- Unique industry standards;
- Misunderstandings related to differences in regulatory standards and practices.
One of the primary growth areas is enhancing efficiency in cargo transportation with the help of advanced logistics solutions. Today, American businessmen can benefit from ocean freight shipping being held by the Partner Trade operator. This company organizes door-to-door delivery, solves legal issues, and ensures careful transportation. Delivering time varies from 14 to 45 days, depending on departure and destination points.
The Free Trade Agreement (KORUS) is the key document regulating trade relationships between two countries. Signed in 2007, it has set mitigating tariffs and overcoming other trade barriers.
Moreover, for entrepreneurs, it’s vital to consider customs regulations and import restrictions. If legal subtleties and paperwork seem intimidating and time-consuming, businessmen can pass these responsibilities to 3PL services.