Duties on South Korean polymer imports into Turkey to be cut

18 April 2013 12:30  [Source: ICIS news]

LONDON (ICIS)--Duties on South Korean polymer imports into Turkey will be either eliminated or gradually tapered – depending on the product concerned – from 1 May 2013, following a free trade agreement signed on 1 August 2012, market sources said on Thursday.

Customs duties on linear low density polyethylene (LLDPE), high density polyethylene (HDPE), ethylene vinyl acetate, polypropylene (PP) copolymer, expandable polystyrene (EPS), polystyrene (PS), ABS (acrylonitrile butadiene styrene) and polyethylene terephthalate (PET) imports will be eliminated between Turkey and South Korea. They are currently set at 6.5%.

Duties on low density polyethylene (LDPE), PP homopolymer and polyvinyl chloride (PVC) will be gradually cut from the current 6.5% duty for the next six years.

Duties will be lifted in six years following the implementation of the agreement.

South Korea is already a supplier of polymer into Turkey, and this change of duty is expected to bring about an increase in imports.

PE and PP prices have fallen sharply over the past few weeks as naphtha prices have fallen. Most PE and PP imports into Turkey are covered by Middle Eastern suppliers.

By: Linda Naylor
+44 20 8652 3214

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