labels: industry - general, economy - general
China applies brakes on exports: Imposes export tariffs, reduces import tariffsnews
28 October 2006

Mumbai: China has imposed temporary tariffs on 110 exported goods and reduced tariffs on 58 imported items, effective November 1, as its trade surplus hit a new high of $109.85 billion in the first three quarters of the year, amid concerns over disputes with its major trade partners.

Beginning November, export of copper, nickel and nine other metallurgical products will attract a 15 per cent tariff. Exporters of iron alloy, raw iron, steel billets and 27 other iron and steel products will be charged a 10 per cent tariff, the Chinese finance ministry said.

The export of minerals and rare earth minerals will carry a tariff of 10 per cent while energy products like coal, charcoal and crude oil will carry a tariff of five per cent.

Exports of wooden flooring, disposable chopsticks and 19 other goods will attract a 10 per cent duty.

The Chinese government had, in September, cancelled or lowered export tax rebates on hundreds of products. Products now carrying lower import tariffs include plate-making equipment, spare parts for textile machines, semiconductor modules, coal, oil, fertilisers and certain leather products.

China's rising trade surplus is causing concern among its trading partners, especially the US, which demanded changes in China's currency valuation to ease pressure of rising imports into US from that country.


 search domain-b
China applies brakes on exports: Imposes export tariffs, reduces import tariffs