This undated photo shows the exterior of the ministry building in the central administrative city of Sejong. (Ministry of Economy and Finance)
SEJONG -- South Korea will lower tariff rates on a total of 90 products next year to strengthen competitiveness of small businesses and stabilize prices of key materials, the finance ministry said Tuesday.
The number is higher than the 83 items subject to temporary tariff cuts under a tariff quota system this year, according to the ministry.
Those products include crude oil, liquefied natural gas, liquefied petroleum gas, sugar, corn, chicken eggs and materials needed to produce batteries, the ministry said.
In particular, tariff rates on crude oil designed to make naphtha will be lowered from 3 percent to 0.5 percent.
Oil imports intended to produce LNG and LPG will see their tariff rates down from 3 percent to 2 percent.
The tariff quota system allows a government to import a certain amount of products at a reduced tariff rate. The tariff quota for those 90 items is set to take effect from Jan. 1-Dec. 31 next year. (Yonhap)