October 24, 2006

South Korea to begin US, Brazil soybean-oil dumping inquiry

South Korea would soon begin anti-dumping investigations on US, Argentina and Brazil soyoil exporters, the country's Ministry of Commerce, Industry and Energy said Monday (Oct 24).

The ministry is investigating 45 companies from the three countries after complaints from the South Korea Soybean Processor's Association, which includes CJ Corp. and Shindongbang Corp.

The investigations mark the first time South Korea would conduct an investigation into a processed agricultural product since joining the World Trade Organization in 1995, the ministry said.

South Korea imported US$338 million of soybean oil from the three countries last year. Imports from the three nations took up 60 percent of South Korea's soyoil market, with the rest of the supplies locally produced.