18 October 2013 14:13 [Source: ICIS news]
(recasts, clarifying import duty level in third paragraph)
DUSSELDORF (ICIS)--Changes in import duties to Europe due to take effect from 1 January 2014 could impact polymer trade flows, market participants said at the K2013 plastics fair on Friday.
From the beginning of next year, certain Middle East countries including Saudi Arabia, the UAE, Qatar and Kuwait will no longer benefit from the Generalised Scheme of Preferences, which allows developing countries to pay lower duties when exporting to Europe.
“In 2014 there’ll be a 6% import duty to Europe,” a Middle East polypropylene (PP) producer said, referring to the 1 January rise to 6.5% from 3%
When asked whether this would deter producers in the region from selling to Europe, the source said it might.
“[Middle East] producers will send more to Africa,” the source said. “Latin America and Africa are good opportunities [to sell to].”
A polyethylene (PE) and PP producer said: “There’s an increase of import duties for Europe in January. It will make [Middle East] producers think twice [about selling to Europe].”
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