Due to COVID-19
The Institute for International Trade of the Korea International Trade Association said in its report on Sept. 15 that a total of 139 investigations related to import regulations were initiated worldwide in the first half of this year, down 41 percent from a year ago.
The number dropped from 111 to 40 in the steel and metal industry, and by 14 to 27 regarding chemical products. The number fell from 76 to 21 and from 59 to 25 in the United States and India, respectively. The institute explained that the figures resulted from COVID-19 and the pandemic further reduced the global imports, which began to decrease in 2019, last year.
"At the same time, import regulations on steel and metal products, which account for 40 percent of investigations that started in 2020, were relaxed and the United States initiated no investigation in this sector in the first half,” the institute explained, adding, "In addition, China's production cut plan in this sector was an important factor.”
"Import control without tariffs increased and this also led to the decrease,” it went on to say, adding, "For example, India initiated 59 investigations in the first half of last year, did not impose any tariff in 34 cases, and the same trend was found in Saudi Arabia, Kuwait, Indonesia, and so on.”
A total of nine investigations commenced against South Korea in the first half of this year, whereas the number was 16 in the first half of 2020. In Q1 this year, 34 investigations targeting China and 10 targeting Russia commenced and Turkey initiated 10 investigations, including three targeting South Korea.