Korea Imposes Provisional Anti-Dumping Duty on China PET Resin

On July 30,2024,the South Korean Ministry of Strategy and Finance issued Announcement No.2024-32 and decided to impose a four-month temporary anti-dumping duty on PET resin (Polyethylene Terephthalate Resin) originating from China.The measure took effect from the date of the announcement and will remain in effect until November 29,2024.The South Korean tariff code for the products involved is 3907.61.0000.

This counter - vailing investigation was announced by the US Department of Commerce on January 19,2024.The investigation was directed at glass wine bottles imported from China,and at the same time,anti - dumping investigations were also launched on glass wine bottles from Chile and Mexico.The products involved are classified under the US customs code 7010.90.5019.

The anti-dumping investigation was launched by the Korea Trade Commission on January 12,2024,targeting PET resin products originating from China.The investigation aimed to determine whether Chinese exporters were selling these products to South Korea at prices lower than the normal market value,thereby causing unfair competitive pressure on South Korea’s domestic industry.On May 30,2024,the Korea Trade Commission issued a positive preliminary ruling on the case,recommending that the South Korean Ministry of Strategy and Finance impose provisional anti-dumping duties on the companies involved in the case.

Temporary Anti - dumping Duty Rate

According to the announcement,the specific tax rates for South Korea to impose a temporary anti - dumping duty on PET resin originating from China are as follows:

Products Involved and Customs Codes

The PET resin products involved in this preliminary ruling are widely used in various fields such as packaging,fibers,and plastic bottles.The products under investigation are classified under the South Korean customs code 3907.61.0000.

Impact of the Temporary Measures

The imposition of the provisional anti - dumping duty aims to provide a fair competitive environment for South Korean domestic PET resin producers and prevent market distortion caused by low - priced imported products.The following are the possible impacts on different stakeholders:

• SouthKoreandomesticproducers:Theprovisionalanti-dumpingdutywillprovideshort-termprotectionforlocalproducers,enablingthemtocompetemoreeffectivelyandmaintaintheirmarketshare.
• Chineseexporters:Theywillfaceanadditionaltaxburden,whichwillincreasethesellingpriceoftheirproductsintheSouthKoreanmarketandmayleadtoadeclineintheirmarketcompetitiveness.
• SouthKoreanimporters:Theymayneedtopayhigherprices,whichmayresultinareductioninimportvolumeandatighteningofmarketsupply.
• Consumers:Thepriceofthefinalproductmayincrease,affectingconsumerspending.

Future Steps

During the validity period of the provisional anti - dumping duty,the South Korean Trade Commission will continue to conduct in - depth investigations to determine whether long - term anti - dumping measures need to be imposed on the products under investigation.It is expected that in the next few months,further data and evidence will be evaluated,and a final ruling will be made based on this.

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