Import controls targeting Korean products hit all time high
Christian Fernsby ▼ | August 10, 2020
The number of cases where Korean products faced import controls reached a record high of 226 in the first half of 2020.Article continues below
Topics: KOREA
Following the coronavirus outbreak, many countries locked their doors to prevent the pandemic from spreading.
As coronavirus continues to spread around the world, such import restrictions are expected to increase in the second half of 2020.
According to a KOTRA report published on Aug.
9, 28 countries imposed import controls on Korean products in the first half of 2020.
Compared to the second half of 2019, the number of countries that imposed import controls on Korean products decreased by one, but the number of cases where Korean products were controlled increased by 16.
Analysts say countries are heightening their regulatory barriers to others to reduce economic losses arising from the coronavirus crisis.
The import regulations included cases under investigation for anti-dumping, countervailing duties, and safeguards (emergency import restrictions).
The number of newly introduced import regulations in the first half of 2020 totaled 32 cases (17 anti-dumping cases and 15 safeguard cases) in 17 countries.
The United States had the largest number of import regulations with 44 cases, followed by India with 34, China with 17, Turkey with 16 and Canada with 14.
The two industries accounted for 70 percent of the total with 108 cases in the steel and metal sector and 54 cases in the chemical sector.
The report said that import regulations concentrated on steel and chemical products due to recent policies to foster manufacturing implemented by emerging economies such as India and Thailand. ■ What to read next
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