South Korea to Lower Tariffs on 77 Items in 2024 to Combat Inflation

SEOUL, South Korea - The Ministry of Economy and Finance of South Korea announced plans to reduce import tariffs on 77 industrial products and food items in 2024. This initiative, implemented through tariff quotas, is part of efforts to curb inflation and ensure stable supplies of essential products.

According to Yonhap News Agency, The tariff adjustments will be made under the country's flexible tariff system, which allows the government to temporarily modify basic tariff rates on imported goods. The system aims to stabilize prices and protect local producers. The list of products eligible for the temporary tariff removal includes petroleum products, gasoline, items linked to new industries such as rechargeable batteries, steamed rice, frozen pollock, and hot pepper pastes.

The ministry estimates that the value of the tariffs to be removed will be around 967 billion won. The number of products eligible for preferential tariff rates in 2024 has been reduced from 101 items this year. This reduction is due to the stabilization of prices for some items and the ability to adjust their tariff levels using free trade agreements and other measures.

In November, the government had indicated that 76 items would be subject to tariff reductions next year. However, ammonium phosphate, a fertilizer material, was added to the list amid supply concerns stemming from China's export restrictions. The list was also adjusted to lower tariffs on urea imports for industrial use, ensuring stable supplies following delayed customs procedures in China.

scroll to top