S. Korea to impose anti-dumping duties on PET film imports

Published : Apr 26, 2018 - 15:05 Updated : Apr 26, 2018 - 15:05

SEJONG -- South Korea's finance ministry said Thursday it has decided to levy anti-dumping duties on polyethylene terephthalate 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 April 30, duties ranging from 3.67 percent to 60.95 percent will be slapped on synthetic resin imported from the three countries for the next three years.

(Yonhap)

Since November last year, the finance ministry has been imposing duties of 3.92 percent to 51.86 percent on the imported PET film.

The PET film subject to the imposition is used for manufacturing snack packages and materials for liquid crystal displays.

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 1 trillion won ($927 million) last year, with products imported from the countries accounting for 10 percent, according to Seoul's trade ministry. (Yonhap)