S. Korea earns hefty tariff income from increased trade with Chile

SEOUL, Dec. 23 (Yonhap) -- South Korea earned around 501 billion won (US$423
million) in income last year by levying tariffs on goods imported from Chile on
the back of increased bilateral trade, the country's customs agency said
Wednesday.

The figure marks a huge jump from 182 billion won worth of income in 2003, one
year before a free trade pact with the South American country went into effect,
according to the Korea Customs Service (KCS).
The agency said bilateral trade with Chile increased to $7.1 billion from $1.5
billion in the 2004-2008 period.
"Despite lowered tariffs following the free trade deal, a huge increase in trade
helped boost tariff income," said an official at the office.
Also, a surge in prices for such raw materials as copper also increased the
country's tariff income, the office said.
The South Korea-Chile free trade pact was the first free trade agreement (FTA)
signed by Seoul.
sam@yna.co.kr
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