Korea to lower tariffs on 76 food, industrial imports next year

The Ministry of Economy and Finance said Wednesday it will lower tariffs levied on 76 industrial and food imports next year to boost industry competitiveness and curb inflation.

Tariffs levied on 76 industrial and food items will be lowered next year to boost industry competitiveness and curb inflation, the Finance Ministry said on Wednesday. Pictured is Sinseondae Pier in Busan Port. [YONHAP]

The Ministry of Economy and Finance said Wednesday it will lower tariffs levied on 76 industrial and food imports next year to boost industry competitiveness and curb inflation.

The planned tariff 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 domestic 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, the ministry said.

A zero-tariff policy will be applied for liquefied petroleum gas and natural gas imports within a quota during the first six months of 2024. The ministry added that whether to extend it further will be decided later.

The Korean government has been making efforts to bring prices down, as inflation is expected to linger longer 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.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]