trade policies by sector introduction manufacturing accounted for a substantial albeit declining 26 6 share of korea s gdp in 2003 the is heavily outward oriented generating almost all merchandise exports information and communications equipment mobile phones pc semi conductors comprise single largest export category dualistic economy when it comes to protection relatively low except few pockets moderate eg textiles clothing footwear contrasts with high levels market orientation agriculture most distorted net agricultural support exceeds contribution 3 among highest oecd average producer estimate pse was 60 equivalent additional farm incomes w 20 2 trillion rice 74 oilseeds 89 assistance involves price from barriers stabilization schemes these substantially distort production force korean consumers pay much higher prices on well over double world 2002 or three times mfn tariffs averaged 52
