EU Cuts Import Duty on South Korean PTA and PET by 25%

The EU's import tariff for South Korean purified terephthalic acid (PTA) and polyethylene terephthalate (PET) has been reduced by 25% due to a free-trade agreement.

According to Platts, South Korean PTA and PET exports to the EU were previously subjected to a 6.5% customs duty prior to 1 July 2011, but this has now been lowered to 4.875%.

PTA from South Korea tends to be $10-15 cheaper per ton shipments from Taiwan due to anti-dumping duties imposed by China.