The Department of Commerce of Shandong Province said that in the first half of this year, there were 46 overseas trade remedy investigations against products produced by local companies, valued at 2.98 billion U.S. dollars.
More than 2,000 companies were involved in the cases, with their products including chemicals, steel and steel products, mechanical and electrical products, and light industrial products.
According to Shandong Commerce, among the 46 cases, there were 32 anti-dumping cases, 10 anti-subsidy cases, and four protective measures.
These figures reflect that protectionism is on the rise in both developed and developing economies, and trade friction was severe in a few key industries.
Statistics show that the products involved in overseas trade remedy investigations increased 53.3% year on year, hitting a record high, and the value is 10.5 folds of the amount in the same period of last year.
As Developed and developing economies, the U.S. and India launched the most investigations against products from Shandong.
The U.S. launched 18 investigations against 2.5-billion-dollar products from Shandong, accounting for about 80% of the total value of the province's products involved in all trade frictions. Eight emerging economies launched 24 trade remedy investigations against products from Shandong, while 13 were launched by India.
Tire and steel industries were the most severely affected industries by overseas trade friction.
Mainstream products of Shandong's tire industry encountered restrictions in succession, five investigations launched by the U.S. and India involved in products of 1.96 billion dollars.
Among the 46 investigation cases, 19 involved in Shandong's steel products, and the investigators included the U.S., India, EU, and GCC, etc.
