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S. Korea faces more trade barriers amid growing protectionism

All News 09:05 January 09, 2020

SEJONG, Jan. 9 (Yonhap) -- South Korea faced more trade barriers last year amid growing protectionism around the globe spearheaded by the U.S.-China trade war, with steel and chemical industries being primary victims, data showed Thursday.

The number of newly added import regulations targeting South Korean goods reached 41 cases in 2019, doubling from just 20 cases a year earlier, according to the data compiled by the Korea International Trade Association.

The trade barrier includes anti-dumping tariff, countervailing duty and safeguard measures.

As of this month, 29 countries implemented a total of 211 cases of import regulations against South Korean products, with 41 of them being currently under investigation, the data showed.

Washington imposed the highest number of trade regulations targeting South Korea at 40 cases, trailed by India, China and Turkey with 32, 17 and 15 cases, respectively.

By segment, the steel and metal industry accounted for nearly half at 98 cases, while other major products included chemicals, plastics and textiles.

In November, the U.S. Department of Commerce launched probes to determine whether forged steel fittings from South Korea are being dumped in the world's top economy. Last month, Pakistan also launched an anti-dumping probe against South Korean phthalic anhydride, a chemical product.

South Korea's overall exports, meanwhile, nose-dived 10.3 percent in 2019 from a year earlier.

S. Korea faces more trade barriers amid growing protectionism - 1


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