The Korea Times
Korea will temporarily exempt additional shipping costs from tariffs on Middle East imports rerouted due to disruptions in the Strait of Hormuz, the government said Friday, as concerns mount over raw material shortages. The government will also fast-track customs clearance for key energy and raw materials to ease supply bottlenecks. The measures are part of a broader deregulatory package announced by the Ministry of Economy and Finance, in coordination with other agencies such as the industry ministry and Korea Customs Service, aimed at stabilizing supply chains without additional fiscal spending. "The government will exclude additional shipping costs caused by detours around the Strait of Hormuz from import duty calculations, easing the burden on importers," First Vice Finance Minister Lee Hyoung-il said during a briefing. Officials said the changes will be reflected in a planned revision to the enforcement decree of the Customs Act next week, and will be applied retroactively to shipments already affected by sharp increases in freight costs. The decision comes as freight rates have surg
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