South Korea and Mexico may sign a free trade deal next year, according to the state press agency. Mexico will want to redress the current imbalance in trade – it exports $330 million per month to South Korea but imports $1.56 billion according to Panjiva data. Total trade with South Korea is 2.3% of Mexico’s trade. By contrast for the U.S. it is 3.1% vs. 2.7% before the South Korea / U.S. free trade deal (KORUS) came into force in March 2012. Yet, the U.S. deficit with South Korea has grown to 27% since then from 11% – Mexico may not get what it wants.