Korea to reduce tariffs on 76 items in 2024
There is a port in the southeastern city of Busan, in this November 21 photo. Yonhap
The finance ministry said Wednesday it will lower tariffs levied on 76 industry products and food items next year in an effort to boost industry competitiveness and curb inflation.
The planned rate cut through the tariff-rate quota is part of the country's flexible tariff system, where the government temporarily adjusts basic tariff rates on imported goods to stabilize prices and protect local producers, among other goals.
Of the total, 19 products are in new industries, including semiconductors, secondary batteries and hydrogen, and 18 items are related to the auto, steel and chemical sectors.
Those in the agricultural and other "vulnerable" industries and food items include feed grains, urea, chicken, sugar and coffee, according to the Ministry of Economy and Finance.
The country will apply a zero-tariff policy for liquefied petroleum gas and natural gas imports within a quota during the first six months of 2024, and whether to extend it further will be decided later, it added.
Korea has gone all out to bring prices under control, as inflation is expected to ease slower than expected amid volatile oil prices and other external uncertainties.
Consumer prices had accelerated to rise over 3 percent for three months in a row through October, though inflation has shown a downtrend this year. (Yonhap)