Antidumping and safeguard actions taken by foreign governments are seriously hurting South Korean exporters, which requires close attention, a report by a local trade promotion association said Thursday.

According to the Korea International Trade Association’s latest 2014 trade restrictions report, the maximum value of locally made products that are being penalized for unfairly undercutting prices topped $12 billion annually in the 2011-2013 period.

In a detailed analysis of the 94 key products slapped with antidumping duties or subject to safeguard measures as of late last year, the association said there was a marked drop in export volume.

“The export volume of products being penalized effectively fell by an average of 17 percent from 2011 through last year,” KITA said. (Yonhap)