S. Korea considering extending tariffs on PET film from Taiwan, Thailand, UAE

South Korea's trade watchdog said Thursday it has decided to recommend the government extend anti-dumping duties on polyethylene terephthalate (PET) film imported from Taiwan, Thailand and the United Arab Emirates, citing substantial damage to the local industry.

The Korea Trade Commission said it has advised the finance ministry to set duties of 3.19 percent to 60.95 percent on PET film coming from the countries for the next five years.

The country already had been applying tariffs of around 3.67 percent to 60.95 percent since 2018, which expired in April this year.The finance ministry plans to make the final decision by the end of 2021.

The announcement came after South Korea carried out investigations into the imported PET film upon the request from local businesses, including Kolon Industries Inc., SKC Ltd. and Hyosung Chemical Corp.

PET film is used in the manufacturing of snack packages and materials for liquid crystal displays.

As of 2019, the local market for the product was estimated at 1 trillion won ($854 million), or 300,000 tons. Local firms accounted for 70 percent of the market, while the three countries took up 10 percent.

The commission, meanwhile, also made a preliminary decision to impose anti-dumping tariffs of 3.54 percent to 4.13 percent on "presensitized aluminum plate with double-layered coating for offset printing" from China.

South Korea plans to hold hearings before making a final decision. (Yonhap)