Seoul: The Korea Customs Service announced plans to launch a task force aimed at addressing logistical challenges arising from the ongoing conflict in the Middle East. This initiative comes in response to growing concerns over potential price hikes and disruptions in the supply chain, as South Korea relies heavily on the Middle East for approximately 70 percent of its oil imports.
According to Yonhap News Agency, the customs agency intends to prioritize the customs clearance of cargo that is rerouted back to South Korea due to the crisis. Additionally, they plan to facilitate the re-importation of goods without imposing duties. To further support exporters, the agency will approve laytime extensions and apply special exemptions for correcting or withdrawing export declarations affected by the conflict.
On the import side, the Korea Customs Service plans to extend deadlines for customs duty payments. They will also exempt additional transportation fees for goods rerouted due to the closure of the Strait of Hormuz, ensuring that companies are not penalized for utilizing alternative shipping routes.