Korea‘s trade commission said Thursday it has decided to extend its anti-dumping tariffs on ethyl acetate solvents imported from China, Singapore and Japan by an additional three years due to damage to local manufacturers.
The decision will soon be delivered to the Ministry of Strategy and Finance for approval, the Korea Trade Commission said.
Seoul has been imposing anti-dumping duties of 5.81-14.17 percent on products from the three Asian countries since August 2008.
“The local industry is recovering from damage with the market share of domestically produced products growing and the profitability of local companies improving,” the KTC said in a statement.
“The commission, however, decided that the termination of the anti-dumping measures will lead to a recurrence of damage to the local industry as incoming shipments, as well as China’s production capacity, of the reviewed item is growing.”
Tariff rates will be adjusted between 3.14 percent and 14.17 percent, depending on the degree and seriousness of price-cutting activities by each foreign manufacturer, it said.
Ethyl acetate is an industrial solvent mostly commonly used in paint, glue and nail polish. The domestic market for the chemical reached about 120 billion won ($105 million) in 2010.
In a separate move, the commission said it has decided to begin an investigation into alleged dumping by Japan‘s aluminum can exporters, which currently accounts for 99.3 percent of the domestic market.
The initial investigation will last three months, with a possible one-time extension by two months, it said. (Yonhap News)
