On December 27, 2023, Korea issued its flexible tariffs (Adjustment and Tariff Rate Quota) list for certain agricultural, forestry and fishery products for calendar year (CY) 2023. Flexible tariffs, which cover tariff rate quotas (TRQs) and adjustment duties, are utilized by the Korean government to stabilize consumer prices and balance supply and demand. Korea’s 2023 tariff adjustments were relatively unchanged from the previous year. However, Korea has expanded TRQ’s for certain agricultural commodities and increased in-quota volumes.
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