Compared with competitors, South Korea to the United States a greater decline in steel exports


According to the Yonhap News Agency (Yonhap) reported that the analysis data released yesterday showed that due to quota restrictions, South Korea to the United States last year, steel exports fell by more than the main competitors, such as face higher tariffs China and japan.

According to the Korea Trade Investment Promotion Agency (KOREA TRADE-INVESTMENT PROMOTION AGENCY) of the Washington office, the last 1-11 months, the United States from the Asia Pacific countries (including South Korea, Japan Chinese, etc.) steel imports significantly reduced. The statistical analysis of the data based on the U.S. Department of commerce.

South Korean steel export destination is the United States, South Korea in 2018 to the U.S. steel exports 2 million 430 thousand tons, 3 million 230 thousand tons compared with the same period in 2017, down 24.8%. A KOTRA analysis report shows that South Korean steel exports to the U.S. in 2018 more than 13% of the total amount of atrophy.

KOTRA said: “so far, South Korea suffered due to the section 232 tariff and the biggest loss of steel and aluminum.”

The same period on Japanese steel exports fell 20.8%, exports fell 0.7%. The China of America steel export volume and export volume decreased by 13.6% and 7.3%.

In contrast to the above two export figures, it is easy to give up high tariffs on South Korea last year in favour of quota control decision question. Seoul and Washington in 2018 years 3 months to reach an agreement, the United States agreed to import tariff exemption from South Korea steel 25%. In exchange, South Korea’s annual exports to the United States will be affected by the number of steel quotas, the specific quota to determine the amount from 2015 to 2017 three years the average annual export volume of 70%. Brazil and Argentina are also two accept imports of steel quotas country.

Virginia, George Mason University (George Mason University) of the mercatus Center (Mercatus Center) for another analysis, in the application of specific commodities when tariff exemptions to the United States, Japan and Chinese will benefit more than South Korea, KOTRA when interpreting the results also mentioned this point.

When individual varieties of steel in insufficient domestic production, quality standards, or in the interest of national security, the U.S. Department of Commerce will be awarded the steel import tariff exemption.

The mercatus Center (Mercatus Center) data show that a total of 2386 China steel products have been American import tariff exemption, which is equivalent to about 40% of U.S. steel exports. Japan won the immunity of imported steel quantity is as high as 3480, accounting for 62% of U.S. steel exports.

The 2733 South Korean exports to the U.S. steel products submitted for exemption from customs duties, including 228 approved, 279 were rejected, 2226 is still under review.

KOTRA said that South Korea has not proposed exemption is not allowed to accept the initial quota system for national import tariff exemption. This provision is adjusted until last August.


Post time: Feb-22-2019
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