Import Regulations Targeting South Korea Continuing to Increase

News date: 05 February 2021Source: http://www.businesskorea.co.kr/news/articleView.html?idxno=59926

The Korea Trade-Investment Promotion Agency announced on Feb. 4 that a total of 228 import regulations targeting South Korea were in effect in 26 countries at the end of last year.

The number of such regulations, including anti-dumping and countervailing duties and safeguard measures, increased from 117 to 166 from 2011 to 2015 and then reached 210 in 2019. Last year, the regulations were divided into 164 anti-dumping duties, 54 safeguard measures and 10 countervailing duties.

The United States implemented 46 regulations, followed by India (33), China (16), Turkey (14), Canada (13), Indonesia (10) and Thailand (nine). Those implemented in the emerging economies including India, the Philippines and Thailand accounted for two-thirds of the total.

The numbers of regulations targeting steel and metal products and chemical products were 110 and 53, respectively. The rest include those targeting plastic and rubber (19), textile (17) and electrical and electronics (eight).

The emerging economies tightened their regulations regarding steel and chemical products while focusing on the growth of their manufacturing sectors. India, Indonesia, Malaysia, Argentina, Thailand and the Philippines raised their non-tariff barriers such as compulsory certification and import licensing.