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…
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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.