Seoul scurrying to bring urea and liquid urea from non-China countries

Vice Finance Minister Lee Eog-weon. [Source: Ministry of Economy and Finance]

South Korea is tapping Vietnam and other countries to import 10,000 tons of urea and bump up imports of liquid urea from Australia to 27,000 liters under tariff quota and other emergency measures against the stock rapidly running out at home due to export curb by China.

First Vice Finance Minister Lee Eog-weon on Monday chaired a pan-government meeting upon order from President Moon Jae-in to employ “all possible means” to address to panicky supply crunch that could bring stop to ground shipping means as well as emergency vehicles like fire-fighting trucks and ambulances as all diesel vehicles in Korea require the solution to neutralize and reduce nitrous oxid emissions.

Seoul hopes to import 10,000 tons of urea from multiple countries and eliminate the current 5 percent to 6.5 percent tariffs to fasten the import. China last month announced it would restrict the shipment, sending a panic to the nation which relies 97 percent of urea and liquid urea on the country.

[Photo by Lee Chung-woo]

The government plans to receive the first batch of 200 tons of urea from Vietnam next week.

It has also decided to import 27,000 liters of urea water solution from Australia, increased from 20,000 liters promised for this week’s delivery through military aircraft.

The finance ministry will strictly crack down on hoarding of urea and urea water solution from Monday in partnership with other government agencies including the trade ministry, environment ministry and the Fair Trade Commission.

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