China loosens restrictions on processing trade to boost exports

04 June 2009 12:07  [Source: ICIS news]

SHANGHAI (ICIS news)--China has loosened its restrictions on commodities used in processing trade in a bid to boost slumping exports, an official from the Ministry of Commerce said on Thursday.

“Many products which were not previously allowed to export could start to export again in the wake of current slipping exports,” said the ministry source.

Processing trade is the practice of using imported materials or equipment to produce goods for re-export.

Effective from 3 June, the ministry removed 79 types of previously prohibited commodities used in processing trade, including light-industrial products, petrochemicals, steel and non-ferrous metals, and some plant products, according to a joint statement released by Ministry of Commerce and China Customs.

The number of prohibited commodities used in processing trade has been reduced to 1,759, the statement said.

China’s exports in April fell by nearly 23% year on year, which was the sixth consecutive monthly drop.

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