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Issue: 1136 Date: 5/31/2012
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Missouri exports to South Korea increase 150 percent in Q1
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| An F-15K Slam Eagle from the Republic of Korea at Nellis Air Force Base |
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Missouri exports reached almost $4 billion in the first quarter of 2012, an increase of 150 percent from the first quarter of last year, according to data released by World Trade Center St. Louis and the World Institute for Strategic Economic Research.
In the first quarter of this year, South Korea ranked among the top consumers of Missouri-made products, and exports to the country soared 145 percent. Airplanes and airplane parts top the list of Missouri goods exported to the Asian country.
"This year we completed delivery of the final two Republic of Korea Air Force F-15K Slam Eagles, manufactured here in St. Louis, headquarters for our expanding global defense business," Dennis Muilenburg, president and CEO of Boeing Defense, Space & Security, which is based in Hazelwood, said in a statement.
Next month, South Korea's new Ambassador to the U.S. Choi Young-jin will visit St. Louis as a guest speaker at Saint Louis University's Distinguished Guest Lecture Series. He will meet with regional companies working in and with South Korea.
Exports to South Korea have spiked on the heels the Korea-U.S. Free Trade Agreement, signed March 15. The agreement is the United States' first free trade agreement with a major Asian economy and its largest trade deal since the North American Free Trade Agreement in 1993.
"The free trade agreement with South Korea is a reality after nearly six years in the works," said Tim Nowak, executive director of World Trade Center St. Louis. "The agreement increases the access of businesses into one of Missouri's top export markets and at lower costs."
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