South Korea: In the wake of the pandemic, South Korea faced less import restrictions from trading partners for the first time in a decade, according to a trade group.
According to media reports quoting a report from the Korea Trade-Investment Promotion Agency, the country was subject to 206 import laws from 28 countries as of end-December, down 22 from a year earlier due to a drop in global trade during the pandemic (KOTRA).
It's the first year-on-year decrease since the largest-ever amount of import restrictions were imposed in 2020 on Asia's fourth-largest economy.
Anti-dumping levies, countervailing tariffs, and safeguard measures, as well as investigations into alleged practises, are all examples of import restrictions. The number of import restrictions has steadily increased, from 158 in 2014 to 194 in 2018.
Anti-dumping cases totaled 158 last year, with safeguards and countervailing tariffs accounting for 38 and 10 instances, respectively. Steel and metal products had the most import restrictions (99), followed by chemicals (42), and plastic and rubber products (24). Textiles, electric goods and electronics, and machinery were among the remaining items.
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