S. Korea confirms anti-dumping duties on PET film imports
SEJONG-- South Korea's trade commission said Thursday it recommended the government levy anti-dumping duties on polyethylene terephthalate (PET) film imported from Taiwan, Thailand and the United Arab Emirates (UAE), citing substantial damage to the local industry.
The Korea Trade Commission (KTC) said it set duties of 3.7-60.9 percent on synthetic resin imported from the three countries for the next five years. The tariffs will be confirmed by the finance ministry by April 17.
"There is enough evidence that the foreign PET films were imported at below reasonable market prices, which could force the lowering of prices for domestic products and affect companies' profits," the KTC said in a release.
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 290,000 tons in 2016, worth 1 trillion won (US$886.2 million), with products imported from Vietnam, India and Ukraine accounting for 10 percent, according to Seoul's trade ministry.
Source: Yonhap News Agency