S. Kore posts trade surplus with EU under FTA deal

South Korea has posted a trade surplus with the European Union (EU) since its free trade deal with the economic block came into effect in July, customs data showed Friday. The data came as the nation marked the 100th day on Thursday since the free trade agreement with the EU went into effect on July 1. Under the deal, both sides will eliminate or phase out tariffs on 96 percent of EU goods and 99 percent of South Korean goods within three years from that date. According to the data by the Korea Customs Service, South Korea's trade surplus with the EU amounted to US$1.02 billion during the cited period. The nation's exports to the EU totaled $13.42 billion, down 1.1 percent from the same period a year earlier amid prolonged fiscal debt problem and sluggish economic conditions there. But sales of items benefiting from the FTA surged 17 percent on-year, according to the data. In particular, exports of vehicles, auto parts and petroleum products jumped 110 percent, 21 percent and 103 percent, respectively, the data showed. Imports from the EU, meanwhile, rose 18.7 percent on-year to $12.4 billion on increased demand for vehicles, auto parts and machinery from European countries, the data showed.