S. Korea posts $24.8 billion trade surplus with US in 2020

South Korea's exports to the US dropped 1.9 percent on-year to $76.01 billion, with its imports falling by 9.4 percent to $51.21 billion to log a $24.82 billion trade surplus with the world's largest economy, up 18.5 percent from the previous year.

The country was the US's 7th largest trading partner in 2020 in terms of imports and exports.

South Korea ranked 12th in 2020 among countries with trade surplusses with the US, up to one notch from 2019. China had the most trade surplus with the US at 310 billion dollars.

Last year, the pandemic pulled down South Korea's outbound shipments to $512.8 billion, plunging 5.4 percent from 2019.

South Korea expects exports to rebound 8.6 percent on-year in 2021.