People walk across a pedestrian crossing during a lunch break in Seoul, South Korea,  April 19, 2022. (PHOTO / AP）

SEOUL - South Korea's finance ministry said Wednesday that it will cut import tariffs on 76 items in 2024 as part of their efforts to strengthen industrial competitiveness and control inflation.

Other 18 items, such as sugar, soybean, corn, coffee, chicken, natural gas and crude oil to make liquified petroleum gas and naphtha, will be included in the lower tariff list to help curb inflation

The lower tariff rates will be applied to 76 industrial products and food items beginning Jan 1 next year under the country's quota tariff system, where the government adjusts basic tariff rates on imported goods to intensify industry competitiveness and stabilize prices, according to the Ministry of Economy and Finance.

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Subject to the lower import duties will be 19 products in new growth industries, including materials used to produce semiconductors, secondary batteries and hydrogen, as well as 18 items related to the automotive, steel and chemical industries.

Other 18 items, such as sugar, soybean, corn, coffee, chicken, natural gas and crude oil to make liquified petroleum gas and naphtha, will be included in the lower tariff list to help curb inflation.

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Meanwhile, the ministry will levy higher import duties on 13 fresh food items, including steamed rice, salted shrimp and shiitake mushroom, to protect local industries.