Published : Aug. 15, 2021 - 17:22
(Yonhap)
South Korean exporters faced a total of 225 trade-restrictive measures in 28 countries as of June this year, amid a continued hold of protectionism, the state-run trade promotion agency said Sunday.
In its report assessing global trade environments for local firms in the first six months of this year, the Korea Trade-Investment Promotion Agency counted 225 measures in place at 28 countries around the world that target imports of Korean goods.
The measures include anti-dumping, countervailing duties and temporary safeguard actions.
During the first half, a total of 18 measures were newly introduced, while 22 existing ones were extinguished -- a drop of four in total from the previous six-month period.
The number of trade barriers targeting Korean goods and services has been on a steady rise, moving form 117 in 2011, 127 in 2013 and 166 in 2015. Then in June 2017, it breached the 200 mark for the first time and has since stayed above 200.
Of all measures, antidumping duties accounted for the largest share of 72 percent. Safeguards, a temporary restriction on imports, followed with 56 cases, or 24 percent, while there were 9 cases of countervailing duties imposed on Korean goods, taking up 4 percent.
Steel and metal were subject to the most number of restrictions at 110. Chemical products followed with 50. Together they accounted for 70 percent of all items covered.
By export destination, the US was responsible for 45 cases, followed by India (22), Turkey (18), China (15) and Canada (14.)
Governments bent on nurturing their own manufacturing sector appear to have paid special attention to the trade of producer goods, such as steel and metal, the Kotra explained.
Major actions taken against Korean imports from the January-June period include the US’ launch of antidumping investigations on nitrile rubber products originating from countries including Korea, and its decision to levy punitive tariffs of 14-27 percent on tire products from three Korean firms Hankook Tire & Technology, Kumho Tire and Nexen Tire.
The European Union began an antidumping probe into Korean superabsorbent polymers while extending by three years its safeguard measures against steel products.
The Kotra also noted a palpable proliferation of trade protectionism, saying that now not just a few mature economies, but newly emerging economies, are deploying the strategy to safeguard their own industries or trade interests.
“Looking forward, trade barriers like the carbon border tax will emerge in fields where major (countries) race to gain an upper hand in such as digitalization and net zero drive,” the agency said, referring to the EU’s recent move to impose costs on goods imported to Europe if they emit more carbon than locally-produced ones.
From news reports (
khnews@heraldcorp.com)
By Korea Herald (
koreadherald@heradcorp.com)