FACTBOX: Trade between South Korea and the U.S.

(Reuters) - South Korea and the United States, battling a looming deadline, neared a deal on Friday on what could be the biggest U.S. trade pact in 15 years.

Following are some details of the economic relationship between Seoul and Washington.

ECONOMIC SIZE AND TRADE VOLUME

Two-way goods trade totaled more than $71.5 billion in 2005, with South Korea having a surplus of more than $16 billion.

Washington was Seoul's third-largest trading partner in 2005 after China and Japan. South Korea was the seventh-largest U.S. trading partner.

TRADE IN GOODS

The largest sector for two-way trade in 2005 was automobiles. South Korea exported 709,000 vehicles and imported 5,500.

Nearly a third of South Korea's car exports go to the United States, the Korea International Trade Association said.

South Korea's next largest export was mobile phones and other wireless communications devices, followed by semiconductors.

The largest sector for U.S. exports was semiconductors valued at $5.7 billion, followed by airplane parts.

TARIFFS

Seoul's average trade-weighted tariff is 7.2 percent, far higher than the U.S. level of 1.4 percent. South Korea has an average duty on farm products of 52 percent.

AGRICULTURE

South Korea had a $1.92 billion deficit in agricultural trade with the United States in 2005, importing U.S. farm products worth $2.8 billion. The imports included corn, soybeans, processed foods, cotton, citrus and nuts.

U.S. agricultural exports to South Korea could more than double under a free trade agreement, resulting in the loss of up to 130,000 jobs, a Korea Rural Economic Institute report said.

Sources: World Bank, Korea International Trade Association, South Korea's Ministry of Foreign Affairs and Trade, Ministry of Agriculture, Korea Institute for International Economic Policy, Korea Rural Economic Institute, State Department.