News

11 March 2019

Korean steel company suffered quota in the United States

Korean Agency for trade and investment shared fresh information. It is known that Korea agreed with the export quotas in the United States. It happened last year. This allowed her to break free from the actions of the us steel tariffs. However, according to studies, Korean steelmakers from this, only lost. Moreover, they have suffered even more than countries that opted for duty. American customers received 2.43 tons of steel products from Korea manufacturers. The figure was 24.8% lower than it was in 2017. In the end, South Korea lost more than 13% of export earnings. The data provided by the U.S. Department of Commerce.

South Korea in March 2018 followed the example of Brazil and Argentina. She chose quotas on exports of steel, the size of which was 70%. Mean of the average delivery volume of 2015−2017. It is about 2.7 million tons. In addition, Korean metallurgists had to make a number of concessions. It has also touched the sphere of trade in cars. Preliminary calculations showed a more optimistic picture. But in the end, South Korea was greatly affected by this decision.

So, first the problems began from the producers of oil and gas pipes. The quota was filled even before the deadline. For other types of steel products, the quotas were fully utilized. The American recipients not to contact the U.S. Department of Commerce. This refers to applications for the purchase of above quota production. The orders were submitted only to exemption from rates. They concern Japanese and Chinese products. In the end most of them were satisfied. The volume of the supply of Japanese products fell by 20.8%. Chinese products were imported by 13.6% less.

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