SEOUL, Nov 22 (NNN-YONHAP) – South Korea’s finance ministry said today that, it will cut import tariffs on 76 items in 2024, as part of their efforts to strengthen industrial competitiveness and control inflation.
The lower tariff rates will be applied to 76 industrial products and food items, beginning Jan 1 next year, under the country’s quota tariff system, where the government adjusts basic tariff rates on imported goods, to intensify industry competitiveness and stabilise prices, according to the Ministry of Economy and Finance.
Subject to the lower import duties will be 19 products in new growth industries, including materials used to produce semiconductors, secondary batteries and hydrogen, as well as, 18 items related to the automotive, steel and chemical industries.
Other 18 items, such as sugar, soybean, corn, coffee, chicken, natural gas and crude oil to make liquified petroleum gas and naphtha, will be included in the lower tariff list to help curb inflation.
Meanwhile, the ministry will levy higher import duties on 13 fresh food items, including steamed rice, salted shrimp and shiitake mushroom, to protect local industries.– NNN-YONHAP
