Fibre firms in Taiwan were celebrating on Wednesday after Colombian officials ended a dumping probe into Taiwan-made polyester textured yarns and axed a controversial high import duty rate.

The decision follows threats by leading Taiwanese yarn firms to pull out of the south American country unless a temporary 51.4 per cent punitive tariff on their goods was dropped.

Reports also suggest the decision was triggered by protests from Colombia’s textile industry angry at the affect the tariff was having on its exports. Other countries affected by the tariff included Malaysia, Indonesia and Thailand.

Taiwan exported around 350,000 kilograms of polyester textured yarns to Colombia last year and nearly 4,500 metric tons of polyester textured yarns, with most of that total coming from leading exporters such as Far Eastern Textile Co, Chung Shing Textile Co, Lealea Enterprise Co and Yi Jinn Industrial Co.