South Korea reduces import tariffs on certain products to fight inflation

Thursday, October 27, 2022

The South Korean government reduced import tariffs on 26 key industrial products this year, including liquefied natural gas (LNG). The Ministry of Economy and Finance justified the decision by citing rising inflation in the country and hopes the move will slow price increases. In July, duty-free import volumes were set for certain product groups, while others are completely exempt from import duties for an indefinite period. For example, unlimited quantities of ethanol feedstocks would be allowed to be imported. Liquefied gases and their transport containers in many cases require certification by KGS to be approved for import and use in Korea.

Earlier this year, the government suspended import duties on liquefied natural gas (LNG) indefinitely. The expansion of the product list for duty-free imports came about the same time South Korea made headlines for its rising inflation. This was due to continued disrupted global supply chains and ongoing geopolitical tensions in Europe. As a result, consumer prices in South Korea rose six percent in June from a year earlier, marking the highest increase in nearly 24 years.

The Korea Gas Safety Corporation (KGS) is a government organization under the Ministry of Trade, Industry and Energy (MOTIE). Gas safety regulations in Korea began in 1974 with the passage of the Compressed Gas Control Act. In 1995, the Institute of High Pressure Gas Safety was established, and after several restructurings, the Korea Gas Safety Corporation (KGS) was established in 2001. One year later, KGS was affiliated with MOTIE. KGS was accredited as a Korean designated testing body in 2006 and was also accredited to perform KCs certification and testing of explosion-proof electrical equipment.

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