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Imported high-end garments in China to be cheaper
01 Jul '11
1 min read
Chinese Government is likely to reduce import duty over some luxury items, including fashion garments.
In the last few months, there has been a decline in imports growth, in spite of the Government promoting imports to maintain its trade balance.
The World Luxury Association estimates China's spending on luxury goods to touch US$ 14.6 billion in 2012. This would make China the world's biggest consumer of luxury items surpassing Japan.
The increasing awareness of Chinese people regarding luxury brands and a rise in their disposable incomes are the factors that trigger the spending on luxury items.
The data from the Association reveals that Chinese people spend four times more in foreign countries on luxury items, than while purchasing at home. This is because of the high import tariffs in China.
Last year, China collected 1.25 trillion Yuan or about 30 percent of its financial revenue through duties on imported items. These included VAT, excise duty and other tariffs that are applicable to imported goods.
In the last few months, there has been a decline in imports growth, in spite of the Government promoting imports to maintain its trade balance.
The World Luxury Association estimates China's spending on luxury goods to touch US$ 14.6 billion in 2012. This would make China the world's biggest consumer of luxury items surpassing Japan.
The increasing awareness of Chinese people regarding luxury brands and a rise in their disposable incomes are the factors that trigger the spending on luxury items.
The data from the Association reveals that Chinese people spend four times more in foreign countries on luxury items, than while purchasing at home. This is because of the high import tariffs in China.
Last year, China collected 1.25 trillion Yuan or about 30 percent of its financial revenue through duties on imported items. These included VAT, excise duty and other tariffs that are applicable to imported goods.
Fibre2fashion News Desk - China
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