China to cut import tariffs for natural rubber from January 2013

19 December 2012 04:11  [Source: ICIS news]

SINGAPORE (ICIS)--China will reduce import tariffs in 2013 for natural rubber (NR) as part of its course to promote balanced trade by boosting imports, industries sources said on Wednesday.

China, the largest NR consumer in the world, will cut import taxes on two types of NR products for 2013, the sources added.

The new import tariffs for NR products will take effect on 1 January 2013, the country’s Ministry of Finance announced on 17 December.

Import tariffs for smoked rubber sheets will be set at 20% of the value or capped at yuan (CNY) 1,200/tonne ($192/tonne), the ministry said in a statement. The tax was set at 20% of the value or CNY1,600/tonne in 2012.

The tax rate for technically specified natural rubber (TSNR) will also be lowered to 20% of the value or CNY1,200/tonne in 2013, down from CNY2,000/tonne in 2012, the ministry said.

Over 80% of NR used in China is imported from southeast Asia region, of which a majority come from Thailand, Indonesia, Malaysia and Vietnam.

From January to October 2012, China imported 154,200 tonnes of smoked rubber sheets, which accounted for 8.8% of all crude NR imports, while 1.3265m tonnes of TSNR were imported and accounted for 75.8% of all crude NR imports, the data from China Customs indicated.

Product

Tariff Number

Full Name

Before

After

MFN Tariff Rate

Temporary & Conventional Tariff Rate

MFN Tariff Rate

Temporary & Conventional Tariff Rate

Natural Rubber

40011000

Natural rubber latex

20%

10% or CNY720/tonne, apply the lower duty

Unchanged

Unchanged

40012100

Smoked rubber sheets

20%

20% or CNY1600/tonne, apply the lower duty

Unchanged

20% or CNY1200/tonne, apply the lower duty

40012200

Technically specified natural rubber (TSNR)

20%

20% or CNY2000/tonne, apply the lower duty

Unchanged

20% or CNY1200/tonne, apply the lower duty

40012900

Other natural rubber in primary forms

20%

-

Unchanged

-

40013000

Other Similar natural gum

20%

5%

Unchanged

Unchanged

Data Source: Ministry of Finance of China

($1 = CNY6.24)


By: Alex Feng
+65 6780 4327



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