Import Tariffs Reduced on 62 Items Including Hydrogen Vehicles, Secondary Batteries, and LNG

Ministry of Trade, Industry and Energy Announces 62 Items Subject to Tariff Quotas This Year... Highest Number Ever

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[Sejong=Asia Economy Reporter Kwon Haeyoung] The government has decided to lower import tariffs on 62 items, including raw materials related to new growth industries such as secondary batteries and hydrogen vehicles, as well as materials, parts, and equipment.

The Ministry of Trade, Industry and Energy announced on the 2nd the items to which quota tariffs will be applied from January 1 to the end of this year to respond to supply chains, support carbon neutrality, and new industries. Quota tariffs apply lower rates (0-4%) than the basic tariff rates (3-8%) to industrial raw materials that require price stabilization due to surging import prices, in order to strengthen industrial competitiveness.

The number of items subject to quota tariffs under the Ministry of Trade, Industry and Energy has increased to a record high of 62 this year, up from 55 continuous items last year, with 7 new items added including core materials for supply chain response and carbon neutrality. In the case of liquefied natural gas (LNG), a 0% quota tariff is applied only during the winter season when prices rise due to increased heating demand, and industrial urea will have quota tariffs applied only until the end of June.

The 62 items under the Ministry’s jurisdiction specifically include ▲25 items such as polymer compounding raw materials and magnesium to support supply chain stability ▲6 items such as eco-friendly bio-naphtha to reduce carbon dioxide emissions ▲31 items to support new industries such as secondary batteries and key industries.

An official from the Ministry of Trade, Industry and Energy stated, "Through this quota tariff support, we expect to alleviate the management burden on the industrial sector and strengthen competitiveness by supporting supply chain response, carbon neutrality, new industries, and key industries."

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