South Korea needs more attention to avoid U.S. anti-dumping moves as the bulk of its exports to the world's No. 1 economy overlaps with already regulated Chinese goods, a report said Tuesday.
According to the report by the Korea International Trade Association (KITA), 90 percent of South Korean exports subject to U.S. anti-dumping moves are the same types of Chinese-made products that the U.S. regulates to protect its domestic industries.
The South Korean exports total 351, 98 percent of which are steel products.
"South Korean steelmakers need to pay close attention when they export steel products, on which the U.S. has yet to impose antidumping duties, but has already slapped punitive tariffs on similar Chinese goods," the report said.
|This file photo shows steel products waiting shipment in South Korea. (Yonhap)|
Currently, America regulates imports of 461 Chinese steel products, while 117 types of South Korean steel and steel goods are exempt from U.S. regulations.
The report predicted the U.S. to continue its anti-dumping regulations on steel products unless a global supply glut is eliminated.
In addition, the report said South Korean companies, which import Chinese intermediate goods and export them to America after processing here, should keep close tabs on U.S. anti-dumping moves. A total of 97 materials and components that South Korea imports from China are subject to U.S. anti-dumping regulations.
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