South Korea will exempt import tariffs linked to higher freight charges caused by vessel rerouting around the Strait of Hormuz, as the government moves to ease the financial burden on importers affected by ongoing Middle East shipping disruptions.
The measure is aimed at supporting businesses facing sharply increased transportation costs after shipping lines altered routes to avoid conflict-affected areas near the Gulf region and the Strait of Hormuz.
South Korean authorities said the temporary tariff relief will help stabilise supply chains and reduce import cost pressures on key industrial sectors dependent on energy, raw materials and intermediate goods shipments.
The Hormuz crisis has forced several global shipping operators to reroute vessels, resulting in longer transit times, higher fuel consumption and rising freight and insurance costs across international trade routes.
South Korea’s move reflects growing concerns among major importing nations over the economic impact of geopolitical tensions on maritime trade, energy security and global supply chain stability.