KOREA (SOUTH): S. Korea to impose anti-dumping duties on PET film imports
South Korea's finance ministry said Thursday (26 April 2018) it has decided to levy anti-dumping duties on polyethylene terephthalate (PET) film imported from Taiwan, Thailand and the United Arab Emirates for the next three years. In January, the country's trade commission recommended the government levy stiff duties on the product, citing substantial damage to the local industry.
Starting 30 April 2018, duties ranging from 3.67 % to 60.95 % will be slapped on synthetic resin imported from the three countries for the next three years. Since November last year, the finance ministry has been imposing duties of 3.92 % to 51.86 % on the imported PET film.
The foreign manufacturers have argued that Korean PET film has lost price competitiveness and the high tariff on foreign goods will only burden domestic consumers. The local market for the chemical compound was estimated at KRW 1 trillion (USD 927 million) last year, with products imported from the countries accounting for 10 %, according to Seoul's trade ministry.
Source: Daily “The Korea Herald”, Seoul, through Yonhap News Agency; 26 Apr 2018
(Syed Rashid Ali, Karachi, Pakistan)