S. Korea hit by record-high number of import restrictions in 2020

한국 겨냥한 수입규제 작년말 26개국서 228건…'역대 최대'

South Korea was hit with a record-high number of import restrictions in 2020,... as nations put strengthened measures in place to support their pandemic-hit economies.
According to the country's trade agency, the situation is unlikely to improve this year..
Choi Min-jung reports.
South Korea faced the largest amount of import restrictions in 2020,… as countries around the world scrambled to protect their economies amid the COVID-19 pandemic.
A total of 2-hundred-28 import regulations from 26 different countries were imposed on South Korea last year… up 18 from the year before.
This is according to the Korea Trade-Investment Promotion Agency's report on import regulation trends published on Monday.
The import restrictions include anti-dumping tariffs, countervailing duties, and safeguard measures.
Anti-dumping duties accounted for 72-percent of the total restrictions,.. with 164 cases.
Cases for safeguard and countervailing measures accounted for 24-percent and 4-percent, respectively.
By country, the United States enforced the most import curbs with 46 cases.
This was followed by India, China, Turkey, and Canada.
66-percent of the restrictions placed on South Korean goods were newly imposed by countries such as India, the Philippines, and Thailand.
Product-wise,… limits on steel, metal, and chemicals accounted for more than two thirds .
The rest included curbs on plastic, rubber, textiles, as well as electronic goods.
The report also says South Korea will be further hit by heightened trade barriers this year,.. as countries seek to impose carbon border tariffs in a bid to become leaders in the green and digital economy.
Choi Min-jung, Arirang News.

#SouthKorea #Economy #import_regulation

2021-02-04, 10:00 (KST)