According to the trade agreement, the Turkish government had lifted 65% of the South Korean imports’ tariffs in 2013, and East Asian countries also canceled the tariffs on 80% of the goods from Turkish.
Moreover, Turkey also decreased the import tariffs on imported steel and auto products gradually for over 7 years, and the tariffs for South Korea would become 0 from January 1st of this year.
Currently, South Korea was the main supplied country of stainless steel coil for Turkey, and Turkey had imported around 200,400 tons in the first 11 months of 2019, which increased by 15% year on year.
The market expected the imports from South Korea to Turkey of stainless steel coil would increase further as the tariffs had dropped to 0 since this year.
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