Seoul: South Korea's finance ministry announced its decision to increase anti-dumping duties on polyethylene terephthalate (PET) film products imported from two Chinese companies following a reexamination.

According to Yonhap News Agency, duties on PET film products imported from Kanghui New Material Technology Co. will rise to 7.31 percent from the previous 2.2 percent. Meanwhile, products from Tianjin Wanhua Co. will now face a 36.98 percent duty, up from 3.84 percent. The Ministry of Economy and Finance highlighted the significant surge in imports from these two suppliers in terms of volume and market share as the reason for the tariff increase.

The South Korean government initially imposed anti-dumping duties on Chinese PET films in May 2023. This recent adjustment marks the first instance of the government reexamining and modifying anti-dumping duties at the request of domestic producers, following the World Trade Organization's (WTO) anti-dumping agreement introduced in 1995.

PET films are utilized across numerous industries, including packaging, electronics, and energy.