Acrylic resins import duty increased

The normal customs duty on acrylic resins has increased from 10% and free of duty to 15%. Acrylic resins fall under tariff codes 3208.20.20, 3906.90.30, and 3906.90.40.

The acrylic resins manufacturers, Ferro Coating Resins supported by KZN Resins and Synthetic Polymers applied for the duty increase in September 2018. The reasons for the duty increase centered around competition from cheaper imported products from the Far East. Furthermore, the local manufacturers indicated that exporters from the Far East typically have larger plants with greater efficiencies for scale.

A Customs duty helps local manufacturers and producers that are under pressure from imported products to compete in the market. Customs duties are only increased if the applied duty rate is lower than the bound rate. The bound rate is the maximum duty increase permissible without violating World Trade Organisation (WTO) commitments. Click here to find out more about the duty increase process.

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