Published : 2013-01-14 10:39
Updated : 2013-01-14 10:51
South Korean exporters will likely continue to face growing protectionism this year as major economies struggle to create jobs and shield their local industries from a prolonged economic slowdown, a report said Monday.
According to the report compiled by the Korea Trade-Investment Promotion Agency (KOTRA), China, South Korea's top trading partner, is imposing anti-dumping tariffs on 16 South Korean products such as synthetic rubber as of December.
The neighboring country is also considering raising the anti-dumping tariff on South Korean made optical fiber, and is widely expected to take a similar measure on polysilicon manufactured by South Korean firms, according to the report.
In December, the U.S. Commerce Department reached a final decision to slap heavy anti-dumping duties on South Korean-made washing machines.
Russia has also joined the protectionism by launching a probe into South Korean kitchenware and synthetic fiber on ground that a surge in imports of such goods damaged its local industries, the report said.
"South Korea becomes a target of protectionism by major trading countries as its exports post a steady growth in the face of the global economic downturn," said an official at the KOTRA.
The official said steel and petrochemical sectors, in particular, are feared to face growing protectionism this year with the world's major economies already accelerating their protectionist moves.
U.S. President Obama created the Interagency Trade Enforcement Center (ITEC) in February 2012 to take a "whole-of-government" approach to monitoring and enforcing Americans' trade rights around the world, heralding harsh trade protectionist measures down the road.
In April last year, Australia also announced tough new anti-dumping measures to counter an influx of cheap products that are hurting its struggling manufacturing industry, according to the report. (Yonhap News)