SEOUL, Jan. 22 (Korea Bizwire) — South Korea’s finance ministry said Monday it has started to levy preliminary anti-dumping duties on coated printing paper from Japan, China and Finland to protect the local industry from being hurt by cheap imports.
In July of last year, the Korean Trade Commission under the trade ministry launched an anti-dumping investigation at the request of Hansol Paper, Hankuk Paper and Hongwon Paper, which claimed the cheap imported goods led to company shutdowns and job cuts.
The finance ministry said it slaps a 56.3 percent preliminary anti-dumping duty on Japanese products, the highest of the three nations. It also levied 8.9-12.1 percent duties on Chinese goods and 4.6-10.5 percent tariffs on Finnish paper.
The ministry said it will levy final anti-dumping duties within four months after the trade commission wraps up its investigation.
The local market for printing paper used in magazines, textbooks, educational materials and commercial flyers was valued at 500 billion won (US$468 million) last year. Japan, China and Finland held a combined 25 percent of the domestic market.