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South Korea came under record 210 import restrictions last year and faces even greater challenges on the customs front this year due to the new wave of protectionism from the United States and Europe.
A report from Korea Trade-Investment Promotion Agency (KOTRA) released Thursday showed that as of late 2019, 29 countries had imposed a combined 210 trade barriers on shipments from Korea, up 16 from the previous year to hit an all-time high.
The measures have been on the rise since the 2006 tally of 110.
The trade restrictions include anti-dumping duties, countervailing duties, safeguard actions and other cases under investigation.
Korea was hit with 153 anti-dumping duties, 48 safeguards and nine countervailing duties last year. Anti-dumping duties had accounted for more than 90 percent of all of the country¡¯s trade barriers up until the mid-2000s. But safeguards have since been gaining ground, with their share rising from 2.6 percent in 2006 to 22.9 percent in 2019.
The greatest number of 40 came from the United States, followed by India with 32. China came third with 17, trailed by Canada with 13, Brazil with 10 and Indonesia with eight.
Two-thirds of the restrictions were targeted toward Korean steel and metal products (99) and chemicals (49). Plastic and rubber totaled 17 cases, textiles 16, electric and electronic products seven and machinery three. Trade barriers until the mid-2000s had been predominantly focused on chemical goods including plastic and rubber. But Korean steel started to take a battering from 2013 as protectionist policies flared up in many countries amid oversupply. For emerging economies like China and India, chemicals are now the primary target of import restrictions. For Canada and the United, it¡¯s steel and metal products.
Things are not looking up this year for South Korea.
The U.S. earlier this month finalized a new rule that would allow the use of tariffs to offset imports from countries that undervalue their currencies. While the Commerce Department played down the chances of Korea being designated a currency manipulator, it still urged caution to Korean industries as the duties could be levied regardless of the manipulator label.
The European Union has also been raising its guard against emerging economies. Trade restrictions that have so far been focused on steel and chemicals could be expanded to food and other industrial products amid growing complaints from European companies over their peers in developing countries that have benefited from government subsidies and lax regulations.
China has banned the import of certain types of solid waste as part of its toughened environmental laws. India installed a new import monitoring system designed to limit steel imports.
By Pulse
[¨Ï Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]
