Seoul: South Korea's trade watchdog has announced a decision to raise anti-dumping tariffs on polyethylene terephthalate (PET) film products imported from two Chinese companies. This measure is aimed at protecting the market share of domestic companies.

According to Yonhap News Agency, the Korea Trade Commission (KTC) has finalized its decision to increase the anti-dumping duties on PET film products imported from China's Kanghui New Material Technology Co. to 7.31 percent, up from the previous rate of 2.2 percent. Additionally, the tariffs on imports from Tianjin Wanhua Co. will be raised to 36.98 percent, a significant increase from the current 3.84 percent.

The request for a reexamination of the tariffs was initiated in February by four Korean companies, including Kolon Industries Inc. and Hyosung Chemical Corp. The PET films in question are utilized in industries such as packaging, electronics, and energy.

This decision marks the first instance where the KTC has reexamined anti-dumping duties at the behest of domestic producers, resulting in an adjustment of the existing tariff rates. A KTC official stated, "We reached such a decision as the volume of dumping exports (of the Chinese companies) to Korea will likely increase and raise their market share here."