The government has assessed that the free trade agreement(FTA) South Korea struck with the U.S. played a key role in expanding exports to the U.S. since it was put into effect in 2012.

The trade ministry revealed the assessment on Monday during a seminar on the FTA’s achievements made in the past ten years, which was attended by industry insiders and trade experts.

The ministry said while South Korea’s total exports posted growth of one-point-five percent since 2012, the nation’s exports to the U.S. surged five-point-five percent annually on average.

The Korea Institute for International Economic Policy analyzed economic effects based on data on bilateral trade between 2012 and 2022.

In terms of trade of goods, the ministry found that South Korea’s exports to the U.S. climbed more than 24 billion dollars since 2012, 31 percent of which was attributed to the South Korea-U.S. FTA.

In particular, South Korea’s exports of chemicals, rubber, plastic and vehicles to the U.S. saw significant surge since the FTA effectuation.