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Trump Trade War - South Korean steel exports to US drop - KOTRA

Steel News - Published on Tue, 19 Feb 2019

Image Source: Yonhap
Yonhap reported that according to the analysis of statistics from the US Commerce Department by the Washington office of the Korea Trade-Investment Promotion Agency, South Korea's steel exports to the United States last year, regulated by a quota, fell more than those by key rivals China and Japan that were subject to higher tariffs. KOTRA analysis showed “South Korea, whose biggest steel export destination is the US, shipped 2.43 million tons during the months, down 24.8% from 3.23 million tons of the previous year. Monetarily, the total shrank by more than 13%. So far, South Korea is measured to have suffered the biggest losses from Section 232 Steel and Aluminum Tariffs.”

In the case of Japan, the volume of exports fell by 20.8% and the monetary sum by 0.7%. For China, the volume diminished by 13.6% and the monetary sum by 7.3%.

The exports results could call into question South Korea's decision to opt for a quota instead of higher tariffs. Seoul and Washington struck a deal in March 2018 for the US to exempt its 25% tariffs on steel imports from South Korea and in exchange limit the imports to the 70% level of total shipments for years 2015 to 2017. Brazil and Argentina were the only two other countries that accepted the quota.

Source :

Posted By : Ratan Singh on Tue, 19 Feb 2019
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