- The Finance Ministry has imposed anti-dumping duty on all imports of purified terephthalic acid (PTA) from South Korea and Thailand.
- PTA is the primary raw material in the manufacture of polyester chips, which in turn are used in a number of applications in textile, packaging, furnishings, consumer goods, resins and coatings.
- Dumping is the practice whereby the exporting nation sells its goods and services at a price lower than the price at which the importing nation sells the same goods and services within its domestic market.
- The objective of dumping is to increase market share in a foreign market by driving out competition and thereby create a monopoly situation where the exporter will be able to unilaterally dictate price and quality of the product.
- An anti-dumping duty is a protectionist tariff that a domestic government imposes on foreign imports that it believes are priced below fair market value.
