SEOUL, Dec. 7 (Korea Bizwire) – South Korean exporters are bracing for growing protectionism as foreign countries are struggling to shield their local industries from a prolonged economic slowdown and surge in foreign imports, industry data showed Wednesday.
According to the data compiled by the Korea International Trade Association (KITA), a total of 132 anti-dumping measures, including the ones under review, were imposed on South Korean-made goods as of end-November this year, up 25 percent from the end of last year.
When cases related to safeguard measures are included, the figure stood at 182 as of end-November, also up from 175 cases at the end of last year, it said.
Also, a total of 39 import restrictions were newly imposed on South Korean goods this year, up from 36 cases last year.
Steel and petrochemical sectors, in particular, were most involved in trade rows with 88 cases and 48 cases, respectively, as their price competitiveness improved in overseas markets on expanded output capacity, according to the data.
By nation, India was the country most engaged in trade tussles with South Korea with a total of 33 cases, followed by the U.S. with 23 cases, China with 13 and Thailand with 13, the report said.