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S. Korea faces 199 import curbs amid protectionism

Economy 15:24 July 01, 2022

SEOUL, July 1 (Yonhap) -- South Korea had faced a total of 199 import restrictions from 26 trading partners as of end-June amid continued protectionism, the trade ministry said Friday.

Those restrictions include anti-dumping duties, countervailing tariffs, safeguard measures and investigations into suspected practices.

The figure marked a slight decrease from six months earlier, when the country was subject to 206 foreign import regulations.

Restrictions against South Korean products had been on a steady rise, with the number rising from 158 in 2014 to 194 in 2018 but marked the first on-year decline in 2021 amid the COVID-19 pandemic, according to government data.

Of the 199 regulations, 46.7 percent, or the largest share, targeted South Korea's steel and metals, followed by chemicals with 42 cases, and plastic and rubber with 23 cases.

Anti-dumping cases amounted to 154, with safeguards and countervailing tariffs coming to 35 and 10, respectively, the ministry said.

The government vowed continued efforts to boost consultations with trading partners for the revision of unfair restrictions so as to minimize damage to domestic firms.

This photo taken July 1, 2022, shows stacks of containers at a port in South Korea's southeastern city of Busan. (Yonhap)

graceoh@yna.co.kr
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