The South Korean Ministry of Trade, Industry and Energy has decided to ask the Ministry of Economy and Finance to impose an anti-dumping duty of 9.18 percent to 10.65 percent on plywood imported from Vietnam. The Ministry of Economy and Finance is supposed to make a decision within one month from its official request.
According to the Ministry of Trade, Industry and Energy, the prices of plywood products imported from Vietnam are abnormal to the point of adversely affecting South Korean industries. The ministry is going to proceed with investigations for three months to come before the Ministry of Economy and Finance makes its final decision.
The items in question are used for various applications, including interior and exterior building materials, furniture, packaging boxes and interior goods. In 2018, the plywood market of South Korea had a size of approximately 900 billion won (US$ 737 million) and plywood imported from Vietnam accounted for about 45 percent of the market.
The investigations of the Ministry of Trade, Industry and Energy covered the period of 2016 to the first half of 2019. “During the period, plywood imports from Vietnam increased along with the products’ market share, leading to a decline in the market share and sales of South Korean products, a decline in employment in the industry, a lower capacity utilization, decreased profits, etc.,” the ministry explained.
Leave a Reply