Export growth rate fell back in May
According to the latest statistics from the Customs Administration, Chinese exports in May were 27.9% YoY, below expected of 31.9% and the previous value of 32.2%. Excluding the impact of the base, the export two-year composite growth rate was 11.1%, down from 16.8% in April. In the main export commodities, in addition to auto accessories, lamps, food, bags and other commodities, the vast majority of commodities export declined. Euroblock connector, wire to board connector and amber reflector should be noted.
It is worth noting that the growth rate of export still fell nearly 5 percentage points under the low base last year, which was verified with the previous PMI export item that fell below the glory and dry line, showing that the power of export has fallen. Rising costs and slowing effective demand are the main reasons for the fall in export growth in May.
China's Manufacturing Purchasing Managers Index (PMI) was 51% in May, slightly 0.1 percentage point down from last month, according to the National Bureau of Statistics released on May 31. Among them, the small enterprise PMI is significantly lower than that of large and medium-sized enterprises and below the "prosperity and dry line", reflecting the comprehensiveness and integrity of economic recovery is still not enough.
With global vaccination, the demand for epidemic prevention materials fell significantly, and due to the high base, they declined significantly in May, with textile yarn, fabrics and products falling by 41.29% year on year, and medical instruments and equipment by 17.56%.
In addition, exports of rapidly growing "house economy" products after the epidemic have also begun to fall recently. In the first 5 months, China exported automatic data processing equipment and its components by 612.2 billion yuan, up by 20.4%; mobile phones by 354.87 billion yuan, increasing by 28.8%, falling significantly compared with the first quarter.
Zhao Wei, chief economist of Open Source Securities, reminded that due to the high proportion of consumer goods exports, the recovery of major overseas economies and the continuous decline of substitution effects will continue to drag down China 's exports. China' s exports tend to decline quarterly, and attention should be paid attention to structural switching.
Emergency notice of the large ship companies on shipping in Yantian Port
At present, the local epidemic in Guangzhou and Shenzhen has had a great impact on the foreign trade shipments in South China. Maersk expects the operating level of Yantian Port to be only 30% of the normal level, and the congestion and ship delay of Yantian Port will reach more than 14 days. Nansha Port is seriously congested, empty boxes to pick up and full boxes into the port takes 9 hours.
See this for the latest notice on the shipping of Yantian Port. The recent foreign traders in South China with shipping demand, please pay attention to the collection, or send it to customers!
We will adjust the import tax, goods and service taxes on products related to epidemic prevention materials
With the outbreak of COVID-19 in India, the Ministry of Finance has announced the abolition of import tariffs or integrated commodity service tax (IGST), including anti-epidemic drugs, medical oxygen, storage bottles, oxygen makers, vaccines and the treatment of black mold (Black Fungus) drugs, including:
Announcements 27 / 2021-Customs and 29 / 2021-Customs, 20 and 30 April, Cancel redesivir active drug ingredients (Remdesivir Active Pharmaceutical Ingredients, HS 29), Beta clodextrin (Beta Cyclodextrin, HS 29), Radcivir injection (Injection Remdesivir, HS 29), an inflammation tester (Inflammatory Diagnostic Kit,) HS 3822) and 4 product import duties and health contributions (Health Cess), Until October 31,2021.
Announcement 28 / 2021-Customs was released on April 2 4, canceling import duties and health contributions on 18 products including medical oxygen (Medical Oxygen,HS 280440), storage bottles, oxygen makers (Oxygen Generator,HS 9018), respirator (Ventilator,HS 9018/ 9019) and oxygen masks, ending July 31,2021.
Announcement 30 / 2021-Customs was issued on May 1, reducing the Imported Personal Oxygen Concentrator (Oxygen Concentrator imported for personal use,HS 9804) Integrated Goods and Service Tax (IGST) adjustment to 12% until June 30,2021.
Announcement No. 04 / 2021-Customs was issued on May 3, canceling the customs duties and integrated commodity-service tax (IGST) on imported foreign donations for the Indian Government and related units until 30 June 2021. Another treatment of black mold drug-photericin B (Amphoin B) health donation and integrated goods and service tax (IGST) was cancelled, but the tariff was not cancelled.
New rules on the import of oxygen concentrators in India
The Ministry of Commerce and Industry announced on 1 May that the Open Oxygen Concentrator (Oxygen Concentrator) declared import for personal use by mail / express or via e-commerce platforms under the name Gift until July 31,2021.
In addition, originally under the value of Rs 1000 imported gifts must pay tariffs and 28% integrated commodity service tax (Integrated GST), the Ministry of Finance has announced on 24 April the cancellation of import tariffs on 18 products of medical oxygen, storage bottles, oxygen concentrate, and respirator, the Ministry of Finance Central Indirect Tax and Tariff Commission (CBIC) further reduced the integrated commodity service tax of oxygen concentrate to 12% until 30 June 2021.
The European Union
Carbon tariffs are planned from 2023
The EU's carbon tariff policy is expected to begin in 2023, which will directly affect corporate competitiveness for external companies that export goods to the EU.
The EU Executive Committee will introduce a carbon border tariff policy on July 14th, a move aimed to give EU companies an equal footing with competitors in countries whose carbon policy is weaker than the EU. Border tax implemented gradually from 2023 and fully from 2026. This will apply to steel, cement, fertilizer, aluminum and electricity. Importers will be required to purchase digital certificates, each representing one ton of carbon dioxide emissions from their imports. The price of the certificate will be linked to license costs on the EU carbon market and based on the average price of the weekly EU carbon license auction.
Shanzhai for 6.8% of total EU imports last year
Nearly one in ten European people (9%) said they were misled into buying counterfeit products in 2020, according to the OECD study in 2020. In 2020,6.8% of the EU imports were fake, worth Euro 121 billion. These fake products range from cosmetics and toys to wine and drinks, electronics and clothing, CD and DVD, and even pesticides.
Among the EU member states, the proportion of consumers being cheated varies significantly: the higher proportion of consumers is Bulgaria (19%), Romania (16%) and Hungary (15%), while Sweden and Denmark are relatively low, with only 2% and 3%.
The General Administration of Customs shall adjust the catalogue of import and export commodities that must undergo inspection
Recently, the General Administration of Customs announced the Announcement on the Adjustment of the Catalogue of Import and Export Commodities that must be inspected (hereinafter referred to as the "Announcement"), which will be implemented on June 10,2021.
According to the Announcement, according to the Inspection Law of the People's Republic of China on Import and Export Commodities and its Implementation Regulations, the General Administration of Customs has decided to adjust the catalogue of import and export commodities that must be inspected, with the export aspects as follows:
"B", Customs shall carry out export inspection of commodities for relevant commodities.
Original text of the public announcement:
Post time: Jul-01-2021