South Korea would extend its anti-dumping tariffs on Chinese and Malaysian plywood products for five years due to concerns that lifting the existing barriers would cause dumping into the local market.

Based on South Korea's trade commission on Thursday, anti-dumping tariffs ranging from 3.98 percent to 27.21 percent would be slapped on Chinese plywood products while tariffs on Malaysian goods would be from 4.73 percent to 38.1 percent.

South Korea began imposing such tariffs on Chinese and Malaysian plywood since 2013 and 2011.

The investigation was conducted after the Korea Wood Panel Association relayed its concern that Chinese and Malaysian products can hurt their earnings.

South Korea's market for plywood was estimated at 900 billion won in 2018, with Malaysia accounting for around 9 percent, and China with 6 percent.

Early this year, South Korea imposed the same tariffs on Vietnamese plywood products, which took up 40 percent of the local market.