South Korea Extends Reduced Import Tariffs

The South Korean Ministry of Strategy and Finance has disclosed that the government intends to extend the import duty reductions or exemptions on certain products, and in particular those used by low and middle-income families in the country, thereby reducing inflationary pressures.

In a statement, the Ministry said that it will agree to a six-month extension to the reduced import tariffs on 35 out of the 46 products that were agreed in December last year, and are due to expire at the end of this month. The list of such goods includes food products, such as pork, garlic, sugar, olive and soybean oils and tyres.

It was also announced that 14 more products will be added to the list of imports subject to lower import tariff by the end of this year – including breeding pigs, silicon and manganese – so that a total of 111 import items will be subject to lower or zero tariffs by that date.

South Korea's consumer price inflation, at an annual rate of 4.1% in May, was reduced from earlier this year, but still remained above the official target of 2%-4% for the fifth month in a row.