News

17

2019

-

08

This week's foreign trade event! U.S. tax hike postponed, Vietnam hikes tariffs on Chinese products, July export data, etc.

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headlines

U.S. delays tariff hikes on some Chinese-made goods

 

On the morning of August 13, Eastern Time, the USTR announced that the United States decided to delay the 10% tariff on some categories of Chinese goods until December 15, including mobile phones, laptop computers, electronic game consoles, computer monitors, Toys, some footwear and apparel, etc. In addition, based on the consideration of health, safety, national security and other factors, some Chinese goods can be directly excluded from the list of tariff increase, and will be exempted from the additional 10% tariff.

 

The list of US$300 billion worth of Chinese goods previously planned to be levied with a 10% tariff from September 1 is now divided into two parts. Tax increases are implemented today.

For the latest and complete list, please add WeChat "Focus Vision" (ID: focusvision) and reply "United States" to get it.

On the evening of August 13, Beijing time, China and the United States had a phone call and agreed to call again within two weeks.

After the above news was issued, the offshore RMB soared by 1,000 points, once regaining the 7.0 mark. Under the current circumstances, foreign trade people must pay attention to exchange rate trends and avoid exchange rate risks.

 

 

data

Exports up 10.3% in July

 

According to customs statistics, in the first seven months of this year, the total import and export value of my country's trade in goods was 17.41 trillion yuan, an increase of 4.2% over the same period last year (the same below). Among them, exports were 9.48 trillion yuan, an increase of 6.7%. In July, my country's total import and export value was 2.74 trillion yuan, an increase of 5.7%. Among them, exports were 1.53 trillion yuan, an increase of 10.3%.

On the market side, the first 7 months:

The EU is my country's largest trading partner, and China's exports to the EU were 1.64 trillion yuan, an increase of 12.6%;

ASEAN is my country's second largest trading partner, and China's exports to ASEAN are 1.33 trillion yuan, an increase of 15.8%;

The United States is my country's third largest trading partner, and China's exports to the United States were 1.62 trillion yuan, down 2.1%;

Japan is my country's fourth largest trading partner, and China's exports to Japan were 554.91 billion yuan, an increase of 4.5%;

During the same period, my country's total imports and exports to countries along the "Belt and Road" reached 5.03 trillion yuan, an increase of 10.2%, 6 percentage points higher than the national overall growth rate, accounting for 28.9% of China's total foreign trade value, an increase of 1.6 percentage points.

On the product side, the first 7 months:

my country's export of mechanical and electrical products was 5.5 trillion yuan, an increase of 6.1%, accounting for 58% of the total export value:

The export of electrical and electronic products was 2.44 trillion yuan, an increase of 7%;

Machinery and equipment were 1.64 trillion yuan, an increase of 4.7%.

The total export of 7 categories of labor-intensive products was 1.82 trillion yuan, an increase of 7.8%, accounting for 19.2% of the total export value:

Clothing exports were 561.26 billion yuan, an increase of 2%;

Textiles were 472.07 billion yuan, an increase of 7.7%;

Furniture 210.31 billion yuan, an increase of 8.8%;

Footwear was 185.13 billion yuan, an increase of 6.8%;

Plastic products 181.72 billion yuan, an increase of 18.2%;

Bags were 105.07 billion yuan, an increase of 5.9%;

Toys 102.85 billion yuan, an increase of 31.7%;

In the first seven months, my country's import and export through bonded logistics was 2.01 trillion yuan, an increase of 10.8%, accounting for 11.5% of China's total foreign trade value. Among them, the export was 665.01 billion yuan, an increase of 14.7%.

 

 

Argentina

The peso plummeted 25% overnight

 

On August 11, local time, Argentina held its presidential primary election. Argentine financial markets were shaken by the unexpected defeat of incumbent President Macri, with the Argentine peso plunging 25% against the U.S. dollar to 57 pesos per dollar, down sharply from 42.25 pesos per dollar at the close on Friday. On August 13, the peso closed weaker again, down 4.29% against the U.S. dollar at 55.9 pesos per dollar.

In fact, before the crash, the Argentine peso was already the worst-performing currency in emerging markets this year — down 17 percent from the start of the year to Friday.

Data show that in July 2019, Argentina's domestic CPI rose by 55.8% year-on-year.

Currently in Buenos Aires, the capital of Argentina, some stores that sell household appliances do not know how to price their products when the exchange rate fluctuates, so they no longer put price tags, but let customers inquire.

Foreign trade people with Argentine buyers please note that when the currency of the importing country depreciates sharply, the buyer's import cost will increase and will suffer losses. Please beware of Argentine buyers in arrears.

 

 

Vietnam

Vietnam hikes import duties on these products

 

Due to concerns about the influx of Chinese hot-rolled steel into Vietnam, Vietnam’s Ministry of Finance is revising the draft agreement No. 125/2017/ND-CP, proposing to raise the import tax on hot-rolled steel with tariff code 72.08 from the current 0% to 5%.

In addition, in order to encourage the domestic production and assembly of trucks over 45 tons in Vietnam, the Ministry of Finance of Vietnam proposes to increase its import tax from the current 0% to 10%. At present, Vietnam's demand for trucks over 45 tons is about 500-700 per year, mainly imported from China, Sweden and Eastern European countries. According to statistics from the General Administration of Vietnam Customs, in the first four months of 2019, the import volume of trucks over 45 tons with tariff number 8704 was 265, and the import value was about 43.8 million US dollars. The main source country was China.

 

 

Japan and South Korea

Trade frictions continue to ferment

 

On August 12, local time, the South Korean government decided to remove Japan from the "export white list", which may take effect in September after regulatory review, legal review and other procedures.

The Japanese government decided on August 2 to remove South Korea from the "white list" that can enjoy trade facilitation, which means that the trade friction between Japan and South Korea has escalated.

After the trade dispute between Japan and South Korea broke out, South Korean semiconductor manufacturers began to seek alternative manufacturers in China, and Japanese related raw material manufacturers also planned to set up factories in China to meet the needs of South Korean manufacturers. Morita Yasuo, president of Japan's Morita Chemical, said that he will take the opportunity to start the production of high-purity hydrogen fluoride in a Chinese plant, and will be able to supply it from China to South Korea in the future.

Due to the recent announcement by the Japanese government to strengthen export controls on South Korean semiconductor materials, market participants predict that the supply of component DRAM will decrease, which will push up the price of DRAM.

 

 

India

Will use the Sino-US trade friction to promote exports

 

Indian Minister of Commerce and Industry Goyal said in the upper house of parliament a few days ago that India is expected to take advantage of the trade friction between the United States and China to demonstrate its competitive advantage in manufacturing and production of its products, thereby increasing exports and reducing trade deficits. Potential products include minerals, machinery, Mechanical devices and their parts, electronic machinery and equipment, chemicals, synthetic fibers and textiles, etc.

He said that the Indian government has instructed all domestic trade promotion agencies to actively grasp the opportunities brought by the Sino-US trade friction to strengthen exports, but if India wants to increase exports and reduce trade deficits, the key lies in the price competitiveness of products and India. Whether the market entry conditions obtained by the product have advantages over similar products in other countries.

India is the biggest beneficiary of the U.S. Generalized Preferential Tariff System (GSP), with 1,900 products exported to the U.S. enjoying zero tariffs, but the U.S. officially abolished the GSP treatment granted to India on June 5.

Citing statistics from the U.S. International Trade Commission, the Indian Trade Promotion Council pointed out that in June this year, India’s exports of products that originally enjoyed GSP treatment to the United States totaled US$657 million, an increase of 32% compared with US$496 million in the same period last year. The main export growth items were Plastic, rubber, metal, machinery and equipment, transportation equipment, leather, jewelry, etc.

 

 

Clearance

Shenzhen Bay Customs seizes more than 4,000 pieces of fake brand-name goods

 

"Operation Dragon" is in progress. On June 28, Shenzhen Bay Customs inspected a batch of cross-border e-commerce export goods and found that a large number of goods were not truthfully declared to the customs, including 46 items printed with "ROLEX", "PATEK PHILIPPE" and "LOUIS VUITTON". There are 164 kinds of goods with international well-known brand trademarks, a total of 4003 pieces.

On August 7, the relevant rights holders confirmed that 4,003 "famous-brand" commodities previously intercepted by Shenzhen Bay Customs affiliated to Shenzhen Customs from the freight export channel were suspected of infringing. These goods are all exported through cross-border e-commerce, and have been detained by the customs according to law, and the case is under further investigation and processing.

 

The customs will conduct random inspection of these 19 categories of import and export commodities

 

On August 12, the General Administration of Customs issued Announcement No. 132 of 2019, deciding to conduct random inspections on some import and export commodities other than those subject to statutory inspection in 2019. 12 categories of export commodities. Relevant import and export enterprises should make preparations in advance.

Among them, export commodities include: holiday light strings, electric shavers, electric hot water faucets, hair dryers, appliance switches, electric ovens (electric ovens, air fryers, etc.), LED lighting sources, simulation accessories, children's scooters, electric strollers , plush toys, children's bicycles.

 

 

policy

The establishment of Lingang New Area of Shanghai Free Trade Zone has been approved

 

On August 6, the "Overall Plan for Lingang New Area of China (Shanghai) Pilot Free Trade Zone" was announced. The new area is located in the Lingang area in the southeast of Shanghai, and has the advantages of Pudong International Airport, Yangshan Deepwater Port and other transportation hubs. According to the principle of "overall planning and step-by-step implementation", the new area will start with Nanhui New City, Lingang Equipment Industrial Zone and other areas, covering an area of 119.5 square kilometers.

Compared with other areas in the Shanghai Pilot Free Trade Zone, the Lingang New Area has many innovations and improvements in system design. The Lingang New Area emphasizes the need to create a "special economic function area with more influence and competitiveness in the international market", with a higher and clearer positioning.

The "Overall Plan" clearly defines the development goals. By 2025, the new area will establish a relatively mature investment and trade liberalization and facilitation system, create a number of functional platforms with a higher degree of openness, and significantly enhance regional creativity and competitiveness. The strength and economic aggregate have jumped significantly. (This article is comprehensively compiled by focusvision, and the source must be indicated for reprinting)

 

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