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Turkey begins anti-dumping probe into Korean-made hinges, brackets
13/11/2019 12:00
Turkey has launched an anti-dumping investigation into hinges and brackets imported from South Korea, Seoul's trade promotion agency said Tuesday.
The Turkish government started the review after finding that the prices of Korean-made products had dropped while their volume increased significantly in its domestic market since 2016, according to the Korea Trade-Investment Promotion Agency (KOTRA).
Turkey imported 24,440 tons of hinges and brackets worth US$146 million last year, down from 35,227 tons worth $148 million in 2016. During the two-year period, the price of hinges and brackets rose from $4.2 to $5.75 per kilogram.
In contrast, the price of Korean products dropped from $9.24 to $2.69 over the cited period. Turkey imported 402 tons of Korean-made hinges and brackets worth $3.7 million in 2016, but last year, the country saw 1,104 tons of Korean products worth $4.4 million brought into its market.
Turkey imposes a 2.7 percent tariff on such products, but countries that have signed a free trade agreement with Istanbul or come under trade preference programs such as the Generalized System of Preferences (GSP) are exempted from the duty.
KOTRA said South Korean companies can submit their appeal against Turkey's decision by Nov. 29.
The Turkish government started the review after finding that the prices of Korean-made products had dropped while their volume increased significantly in its domestic market since 2016, according to the Korea Trade-Investment Promotion Agency (KOTRA).
Turkey imported 24,440 tons of hinges and brackets worth US$146 million last year, down from 35,227 tons worth $148 million in 2016. During the two-year period, the price of hinges and brackets rose from $4.2 to $5.75 per kilogram.
In contrast, the price of Korean products dropped from $9.24 to $2.69 over the cited period. Turkey imported 402 tons of Korean-made hinges and brackets worth $3.7 million in 2016, but last year, the country saw 1,104 tons of Korean products worth $4.4 million brought into its market.
Turkey imposes a 2.7 percent tariff on such products, but countries that have signed a free trade agreement with Istanbul or come under trade preference programs such as the Generalized System of Preferences (GSP) are exempted from the duty.
KOTRA said South Korean companies can submit their appeal against Turkey's decision by Nov. 29.
Source: Yonhap News Agency
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