Countervailing and Antidumping Duty Amendment of 1991

Countervailing and Antidumping Duty Amendment Act of 1991 - Amends the Tariff Act of 1930 to revise petition requirements with respect to the initiation of countervailing duty and antidumping duty investigations by repealing the requirement that such petitions be accompanied by certain supporting information available to the petitioner.

Requires the administering authority to complete a review of countervailing duty or antidumping duty orders by the 180th day after the day on which a request for the review is received. Authorizes the administering authority to suspend the application of an antidumping duty order (except an order based on a determination that the establishment of an industry has been materially retarded) to merchandise if it determines that: (1) merchandise of that class or kind is not produced in the United States; (2) the need for such merchandise is real and reasonable; (3) the specifications are reasonable; and (4) no U.S. producer is capable of producing or willing to produce, such merchandise. Requires the administering authority to establish procedures for such determinations.

Requires the International Trade Commission (ITC), when making material injury determinations with respect to countervailing duty and antidumping duty investigations, to evaluate all economic factors, including contracts with long lead time, that are distinctive to an affected domestic industry. Declares that the presence or absence of such factors shall not necessarily give decisive guidance to the ITC with respect to threat of material injury determinations.

Prohibits the administering authority, when determining the foreign market value of imported merchandise, from making any allowance to account for differences in import costs that are based on whether the end product made from the import is sold in the home market or exported.

Requires the administering authority to report annually the amount of duties collected pursuant to countervailing duty and antidumping duty orders. Requires the administering authority to make such information available to interested parties.

Requires the ITC to prescribe procedures governing the manner in which affected domestic producers may apply for compensation pursuant to a countervailing duty or antidumping duty order. Requires the Secretary of the Treasury to establish a special compensation account on the date that an antidumping order takes effect.