April 24, 2024
Economy
Trade barriers on Korea’s exports double
[THE INVESTOR] Trade barriers on South Korea companies have increased in recent years, central bank data showed on Dec. 21.
The Bank of Korea said the number of trade barriers against South Korean firms came at 41 between 2014 and 2015, compared with 18 during the 2008-09 financial crisis.
As of the end of November, the cumulative number of trade barriers -- such as anti-dumping and countervailing duties meant to offset subsidies -- came to 182.
Among them, South Korea’s steel and chemical products accounted for 78 percent of trade remedies launched by foreign governments.
India topped the list by imposing 33 out of 182 trade barriers against South Korean firms, followed by the United States with 23 and China with 13.
Last year, protectionist measures slashed South Korea’s exports on a customs clearance basis by 0.5 percent, or US$2.4 billion, the BOK said.
The central bank said protectionist measures, if the current trend persists, could cut down South Korea’s exports by 0.8 percent per year on average between 2017 and 2020.
(theinvestor@heraldcorp.com)
The Bank of Korea said the number of trade barriers against South Korean firms came at 41 between 2014 and 2015, compared with 18 during the 2008-09 financial crisis.
As of the end of November, the cumulative number of trade barriers -- such as anti-dumping and countervailing duties meant to offset subsidies -- came to 182.
Among them, South Korea’s steel and chemical products accounted for 78 percent of trade remedies launched by foreign governments.
India topped the list by imposing 33 out of 182 trade barriers against South Korean firms, followed by the United States with 23 and China with 13.
Last year, protectionist measures slashed South Korea’s exports on a customs clearance basis by 0.5 percent, or US$2.4 billion, the BOK said.
The central bank said protectionist measures, if the current trend persists, could cut down South Korea’s exports by 0.8 percent per year on average between 2017 and 2020.
(theinvestor@heraldcorp.com)
