S. Korean steel slammed by import restrictions from 19 countries
- 6 years ago
South Korea's steel industry had been the target of almost 100 import restriction measures since 1991.
And amid the current climate of trade protectionism, Korean steel has been hit with six restrictive measures already this year.
Won Jung-hwan reports.
South Korea's steel industry has long been the target of global trade protectionist measures.
Data released by the local steel industry and the Korea International Trade Association shows that since 1991, Korean steel products have been hit with 95 cases of anti-dumping duties, countervailing duties and import safeguards.
Restrictions on steel imports accounted for nearly half of the import restrictions for all South Korean exports.
Those restrictions have come from 18 countries and from the EU trading bloc. But 28 of those 95 restrictions have come from the United States.
And in this year alone,… the U.S., Canada, EU, and Turkey have placed six new restrictive measures on Korean steel products.
According to an expert from KITA,… trade protectionism in the steel sector is due to the difficulty countries have restructuring their domestic industry.
He also added that,… there is an excess supply from newly emerging steel producers like China which made heavy investments from the early 2000s up until the global financial crisis.
With the revision of the U.S.-South Korea trade deal in March,... South Korea's steel exports to the U.S. are restricted to a quota of about 2-point-68 million tonnes.
And the six restrictions placed on Korean steel by other countries this year add to concerns among Korea's steel producers.
Won Jung-hwan, Arirang News.
And amid the current climate of trade protectionism, Korean steel has been hit with six restrictive measures already this year.
Won Jung-hwan reports.
South Korea's steel industry has long been the target of global trade protectionist measures.
Data released by the local steel industry and the Korea International Trade Association shows that since 1991, Korean steel products have been hit with 95 cases of anti-dumping duties, countervailing duties and import safeguards.
Restrictions on steel imports accounted for nearly half of the import restrictions for all South Korean exports.
Those restrictions have come from 18 countries and from the EU trading bloc. But 28 of those 95 restrictions have come from the United States.
And in this year alone,… the U.S., Canada, EU, and Turkey have placed six new restrictive measures on Korean steel products.
According to an expert from KITA,… trade protectionism in the steel sector is due to the difficulty countries have restructuring their domestic industry.
He also added that,… there is an excess supply from newly emerging steel producers like China which made heavy investments from the early 2000s up until the global financial crisis.
With the revision of the U.S.-South Korea trade deal in March,... South Korea's steel exports to the U.S. are restricted to a quota of about 2-point-68 million tonnes.
And the six restrictions placed on Korean steel by other countries this year add to concerns among Korea's steel producers.
Won Jung-hwan, Arirang News.